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DOW JONES Technical analysis 12 December 2018

2018-12-12 12:20 am | Resource: Technical Analysis | No Views : 240

Time frame Used - four hours
The Dow Jones industrial average30 is moving in a bearish direction in the near term.
The sell-off was able to control the movement of the Dow Jones to witness the Dow Jones index a violent wave of successive declines to level of 24128 as bulls managed to stop the decline of consecutive decline to push the Dow Jones back again to reach the resistance level  of 24677 where it faced selling pressure around this level It pushed it back down again to level of  24200.
In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Accordingly, we expect that the Dow jones will test levels of 24677-25100.
 The alternative scenario is that the Dow Jones broke the 24128 level down to test the 23527 level.
Resistance: 24677 -25000 - 25100
Support: 24200 - 24128 – 23527
Direction: Down
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