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DOW JONES Technical analysis 8 January 2019

2019-01-08 06:05 am | Resource: Technical Analysis | No Views : 156

Time frame Used - four hours
The Dow Jones industrial average30 is moving in a sideway direction in the near term.
The Dow jones is still facing resistance and selling pressure around level of  23456 , as the Dow Jones Industrial Average started slightly higher, trying to breach the resistance level of 23456  but it failed forming a negative candlestick pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Accordingly, we expect that the Dow jones will retreat to levels of  22600-22270 again, and this scenario fails in case of  the Dow JONES is breaching level of 23456 upside , notable that The Dow Jones has a bullish target around level of 24585 on the biggest picture.
 The alternative scenario is that the Dow Jones breached level of 23456 to upside for targeting levels of 24047-24319.
Resistance: 23456 -24047 - 24585
Support: 22600 - 22270 – 22000
Direction: sideway
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