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Happy Monday, traders.
Flicking through some charts over the weekend and I came across this beauty for the Dow Jones, or DJ30. As you can see we have two diagonal trendlines that have been tested multiple times and we’re getting toward the apex of our symmetrical triangle.
Our horizontal red lines indicate potential upside resistance that’s been tested on multiple occasions, however what’s interesting is there are very few tested support levels on the downside.
Now, symmetrical triangles are a neutral pattern, so there’s no real bias to either the up or downside so this could go either way, but as we all saw in early February, price has the potential for an explosive drop if we break to the downside.
This trade has the potential for huge volatility so risk should be managed with the utmost caution, regardless of which way it breaks.
It’s almost time to grab the popcorn and watch this action unfold.
Stay safe traders and watch your risk so your account can live to trade another day.
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.
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