DJ30: IS THE REACTION OVER?
LONG 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: As correctly described in last analysis:”We can now (33100) go long aiming 33900.Stop loss at 32100″.Target accomplished,profits of 800 received.We can now (32500) go long aiming 33400.Stop loss at 32100.
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