Dow Jones - potential head and shoulders pattern
Looking on the daily chart of the Dow Jones Industrial Average we could spot a potential head and shoulders pattern which has been creating under a key resistance - the bearish gap from February.
If the gap holds the market could move lower and break the trend line and the support at 27196 pts. Near this support, a potential neckline may be located. It seems that move below the support may open a way to the potential target located at 26014 pts.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If the gap holds the market could move lower and break the trend line and the support at 27196 pts. Near this support, a potential neckline may be located. It seems that move below the support may open a way to the potential target located at 26014 pts.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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