Dow Jones - false breakout to start the selloff - Sell in May?
30 Apr 2020 recap - yesterday Dow had an increase of supply together with bearish price action, with the close above the support level 24270. Yet the futures during the London session now has broken the support level and currently testing 23880 level. A break below swing high at 24270 presents a false breakout scenario.
If 23880 was broken, we should see a correction to 22950. The next important support level is at 22500 if 22950 was not defended.
Bias - down
Key levels - 24270, 23880, 22950, 22500
Potential setup - a rejection from 23880 should present a good opportunity for a short entry, with the take profit targets at 22950.
If 23880 was broken, we should see a correction to 22950. The next important support level is at 22500 if 22950 was not defended.
Bias - down
Key levels - 24270, 23880, 22950, 22500
Potential setup - a rejection from 23880 should present a good opportunity for a short entry, with the take profit targets at 22950.
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