Dow Jones continues to rise – Technical Analysis – 12-10-2015

Dow Jones Industrial Average Index continued to rise last week, supported by the positive pressure that comes from the moving average 50, due to breaching the short term bearish trend line previously, besides the stability above the key support 16749, this level represents 50% Fibonacci for the bearish wave from 18332 to 15165.

Therefore, we expect to rise in the coming sessions, targeting 17122 resistance that represents 61.8% Fibonacci for the above mentioned bearish wave, preparing to attack it and open the way for more rise.