What we can see from dow jones previously was trading activity above trend resistance level (Red Level) followed by an interesting drop to trading activity below the trend support level (green bold line). However, the recent bullish movement have shown us the DJI is ready to continue its BULLISH movement and if we look at DJI movement currently, price level and moving upwards following this trend support and resistance line steadily (green and red bold lines). Economic data plays a large part in manipulating DJI beyond or below the trend support and resistance line as we see BULLISH continuation.
Technical Analysis:
Lets look in the TA perspective for DJI, we can see that DJI is obeying a an short term trend support level (drawn in blue). Interestingly, price level now is also at an important resistance level @26555 price level. We can also see it moving back in trend with price moving with in trend support and resistance level. Fibonacci Retracement also show us a rejection from 78.6 fib level and now currently testing 61.8 fib level again which I believe it will continue to fall testing 50.0 fib level where there is a strong support level there too. Having said that, I am seeing a short term bearish movement to 24000 price level before we see a BULLISH movement testing the trend resistance again as it continues to rise in the long run.
Technical Analysis:
Lets look in the TA perspective for DJI, we can see that DJI is obeying a an short term trend support level (drawn in blue). Interestingly, price level now is also at an important resistance level @26555 price level. We can also see it moving back in trend with price moving with in trend support and resistance level. Fibonacci Retracement also show us a rejection from 78.6 fib level and now currently testing 61.8 fib level again which I believe it will continue to fall testing 50.0 fib level where there is a strong support level there too. Having said that, I am seeing a short term bearish movement to 24000 price level before we see a BULLISH movement testing the trend resistance again as it continues to rise in the long run.