Published On: Thu, Mar 2nd, 2017

YM(DOW JONES): Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (21025.8). One of the previous maximums of Chikou Span line is expected to be a resistance level (21092.9). On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (20864.7). One of the previous maximums of Chikou Span line is expected to be a resistance level (21102.4).
On the four-hour chart the instrument is still falling. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (21126.7) and Stop Loss at the upper border of the cloud (20993.9).

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Forex Analysis

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