DOW JONES Technical analysis 10 January 2019
2019-01-10 10:25 am | Resource: Technical Analysis | No Views : 59
Time frame Used - four hours
The Dow Jones industrial average30 is moving in a bullish direction in the near term.
The Dow Jones still faces resistance and selling pressure around the 23975 level, pushing it down slightly to hit level of 23650, as the Dow jones continues to trade above the Bollinger’s moving average line.
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 test levels of 23975-24047 again, and this scenario fails in case of instability above level of 23650 , It is worth mentioning that The Dow Jones has a bullish target around level of 24585.
The alternative scenario is that the Dow Jones violent the Bollinger’s moving average line around 23650 level down to test the 23400-22800-22500 levels.
Resistance: 24047 -24585 - 24866
Support: 23650 - 23400 - 22800
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Wall Street opened in the Green Zone on Friday with the Dow opening more than 150 points. Investment incentives remained higher after reports emerged that US Treasury Secretary Steve Menuchin might propose easing or eliminating tariffs on Chinese goods. The market watcher also absorbed the latest industrial production numbers released before the opening bell. At the same time, investors also focused on a series of corporate results from yesterday as…
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