Dow Jones surpasses key resistance – Technical Analysis – 05-10-2015

Dow Jones Index succeeded to cover its losses in the last session, after leaning on 16023.29 support, this level represents 23.6% Fibonacci for the short term bearish wave measured from 18137.12 to 15370.33, to gain positive momentum that assisted it to bounce bullishly at the rest of the session, surpassing 16427.24 resistance that represents 38.2% Fibonacci level, with only one last obstacle that forms a negative pressure now, represented by the short term bearish trend line.

Therefore, we expect rising in the upcoming sessions, especially when settling above 16427.24 level, to target 17080.21 resistance that represents 61.8% Fibonacci level for the above mentioned bearish wave.