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Wall Street Wednesday Technical Trade Note - 7 November 2018

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Barry Dumas
Wall-Street-Wednesday

As the Democrats take the House of Representatives in the Midterm elections the Republican have gained even more footing within the Senate. The U.S markets have pushed higher today from the Midterms and might even go higher from current levels.

If we take a closer look at the chart below the price action is finding some resistance at the 25888 level. We might see the price action move lower from this resistance (neckline) level in the short term to 25253 and ultimately move higher from there as seen on the chart  in point 1.) This move might form an inverse head and shoulders technical pattern if it plays out.

 

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Screenshot 2018-11-07 at 14.03.26

Source – Bloomberg

Wolf-of-Wall-Street1

Image Source: Wolf of Wall Street

Remember that trading puts your capital at risk. Always trade cautiously and never above your means. 

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