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DOW JONES Technical analysis 10 January 2019

2019-01-10 10:25 am | Resource: Technical Analysis | No Views : 142

 
Time frame Used - four hours
The Dow Jones industrial average30 is moving in a bullish direction in the near term.
DOW JONES CHART
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
Direction: Up
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