Price Action – Dow Jones Large Pin Bar Off Critical Resistance | Dec 12th
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Dow Jones Index
After climbing for 800pts in almost a month, the Dow Jones Index ran into the critical resistance and over 1mos highs at 13300. In doing so, it formed a large bearish pin bar after three attempts. Keep in mind, this is after Helicopter Ben announced more printing stimulus of $85B. This means the half-life of central bank stimulus is now unwound in < a day which normally would be weeks.
Thus, any corrective price action rallies into this level are potentially good chances to sell, targeting 13150 and 13075 with tight stops above. Should it clear above this level, then we have the yearly highs at 13600 which certainly has sell orders parked there, while bulls can use this upside break to target this yearly resistance.
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