DJI Potential for Bearish Momentum | 30th Sept 2022
On the H4 chart, price is in a strong bearish trend. Furthermore, the price has fallen below the Ichimoku cloud, indicating a bear market. We're looking for a possible retracement sell entry at 29494.20, where a market gap is waiting to be filled. The stop loss will be set at 29811.78, just above the 100% Fibonacci line. The take profit point will be at the intersection of the 100% Fibonacci projection line and the 127.2% Fibonacci extension line, which is at 28451.56.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.