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Best Opportunities, Vision and Technical Analysis for The DOW JONES 8 February 2019

2019-02-08 09:15 am | Resource: Technical Analysis | No Views : 267

Time frame Used - four hours
The Dow Jones industrial average30  is moving in a sideway direction in the near term.
The sell-off managed to control the movement of the Dow Jones index to drop again cause the selling pressure as we expected in the previous report to reach the levels of 25,000 as the negative news on the trade negotiations between the United States and China led Wall Street indices to witness further decline.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the continued decline of the indicators.
Accordingly, we expect that  the Dow Jones will drop the 24791 level and this scenario will fail in case of stability above  the 25500 level.
 The alternative scenario is that the Dow Jones breached 25500 level higher to target the level of 26083.
Resistance: 25500 -26083 - 26281
Support: 24791 - 24257 - 24048
Direction: sideway
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