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Dow Jones Alerts A Potential Uptrend Reversal – DJIA Worth Technical Forecast

Dow Jones Outlook

USD Forecast

USD Forecast

Really useful by Mahmoud Alkudsi

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Dow Jones – Worth Motion

Final week, the Dow Jones printed 29,057- it’s all time excessive. Nonetheless, the index declined after and settled under 29,000 deal with. The value closed on Friday within the inexperienced with a zero.6% acquire.

Alongside this, the Relative Power Index (RSI) remained flat above 50 highlighting a weaker uptrend momentum.

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Dow Jones PRICE Day by day CHART (July 1, 2018 – Jan 13, 2020) Zoomed OUT

Dow Jones daily price chart 13-01-20 zoomed out

Dow Jones PRICE Day by day CHART (AUg eight – Jan 13, 2020) Zoomed IN

Dow Jones daily price chart 13-01-20. zoomed in

Trying on the every day chart, we discover on Wednesday the Dow retraced to its lowest stage in 2020 at 28,128. Presently, the worth remains to be buying and selling within the upside channel originated type the Oct three low at 25,736.

It’s value noting the bearish divergence between RSI and the worth (a excessive with the next excessive on the worth with excessive and a decrease excessive on the oscillator). This alerts a doable uptrend reversal.

A detailed under 27,319 might lead extra consumers to exit the market. This might ship the worth in direction of 25,079. That stated, the weekly assist ranges marked on the chart needs to be thought of as some merchants might exit/ be a part of the market at these ranges.

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Dow Jones 4 Hour PRICE CHART (DEC 20, 2018 – Jan 13, 2020)

Dow Jones four hour price chart 13-01-20

Trying on the every day chart, we discover on Friday the Dow Jones examined buying and selling under the Fib extension 161.eight% at 28,834. The value opened this week with a niche to the upside. Nonetheless, remained buying and selling close by the Fib Extension stage.

A break under 28,579 may press the Dow in direction of the weekly assist at 27,956. Though, the decrease line of the upward channel mentioned on the every day chart with the every day assist underlined on the chart needs to be watched intently. Alternatively, a break above 29,057 might resume bullish worth motion in direction of 29,719. But, the higher line of the upward channel needs to be saved in focus.

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Written By: Mahmoud Alkudsi

Please be at liberty to contact me on Twitter: @Malkudsi


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