GT247.com Trading Blog

Wall Street Wednesday Technical Trade Note - 7 November 2018

Written by Barry Dumas | 07 Nov 2018

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.

 

 

Source – Bloomberg

Image Source: Wolf of Wall Street

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

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.