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Best Opportunities, Vision and Technical Analysis for The DOW JONES 1 February 2019

2019-02-01 01:06 pm | Resource: Technical Analysis | No Views : 226

Time frame Used - four hours
The Dow Jones industrial average30  is moving in a bullish direction in the near term.
The Dow jones is suffering from weakness in momentum despite the Dow Jones breaking the resistance level of  24791 to upside and reaching the highest level of 25000 points but we note that the determination of the downside is weak as the Dow Jones faced selling pressure around 25000 points to retreat back down again.
In view of the technical indicators
Both the RSI and the Stochastic indicate that the Stochastic is in the overbought area and the RSI indicates a negative divergence between the index and the price, indicating a downside potential.
Accordingly, we expect that the Dow jones will test level of  24791 again and this scenario fails in case of stability above the 25090 level.
 The alternative scenario is that the Dow Jones test level of  25338.
Resistance: 25090 -25160 - 25338
Support: 24791 - 24257 - 24048
Direction: Up
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