Dow Jones Industrial Average (DJIA)
DJI (4hrs) formed a hammer after touching its current uptrend line.
With the next candle breaking above the hammer's we have expectations of demand more than supply.
Thus, we have short term bullish bias that DJI will trade upwards to test its Gap at 26,420 level which is also a confluence of the 50%-61.8% zone.
Stochastic indicator has also exited its oversold zone which potentially signifies a momentum reversal.
A break below the low of the hammer will see further downwards move.
Short-Term Bullish Bias on US Indices
by Wyckoff_Trader on TradingView.com