Dow Screams Higher From Pin Bar Off 200DMA | Oct 10th
Dow Jones – Second Best Day for 2013
Yesterday we talked about the pin bar off the 200dma + the rounded bottom as a likely covering point for bears, anticipating the major index would climb higher. Today it did exactly that, forming its second best daily gain for 2013, screaming over +250 points higher. On the 4hr chart, we can see a with trend pin bar, suggesting intraday bulls were happy to scoop it up on the cheap. I’m suspecting this bullish momentum should continue, perhaps after a brief dip. Traders can look for intraday buy signals towards 15020 targeting 15100, 15200 and 15260.
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