DJ30: IS THE REACTION OVER?
LOND TERM ANALYSIS: Since the previous elections the index was standing within a bull trend with mid term corrections.The unique situations that the global economy had to face due to the pandemic,created the sharp fall of March 2020.Nevertheless the index reacted and covered losses mainly because of Fed’s easing and secondly because of hopes for a vaccine.The resilience of the US economy is the big question,something that needs to be proved wihin the next months.The mid term scenario shows horizontal fluctuation and increased volatility between 24000 and 32000,until new data.The exponential movement drove the index to exaggeration,at the area of 37000,where we believe the mid term peak stands.Sharp correction expected.
SHORT TERM ANALYSIS: We stay on our point as described in last analysis:”We can go short at 36500 aiming 35500.Stop loss at 36700″.Position activated.We can change the stop loss at 37100 and the target at 34300.Initial target accomplished (35500),still aiming for bigger profits at 34300 area.The 34300 target looks ready to be approached.
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