DOW Chemical Company pipe top.
Dow chemical [DOW] formed a pipe top a week ago and during this last trading week, there has been a downward breakout from A. This type of formation is one of the most reliable as it is occurring in a bear market. According to Bulkowski [who discovered this formation in 1998], there is a 41% chance for a pullback to price level A, so this is something to consider as a better entry for a short position compared to now.
The price target is C, where the DOW is expected to drop 3.65 % from last weeks close.
When looking out for pullbacks and placing stop losses, the price volatility for the DOW should be considered!
The price target is C, where the DOW is expected to drop 3.65 % from last weeks close.
When looking out for pullbacks and placing stop losses, the price volatility for the DOW should be considered!
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