Dow Jones amid negative outlooks – Technical Analysis – 13-11-2015

Dow Jones Industrial Average Index declined recently affected by breaking the support line of the ascending channel that carried the recent trading, to break 17480.00 support level that represents 38.2% Fibonacci of the short term bullish wave from 16793.00 to 17905.00, which adds more negative pressure on the index, besides continuous negative signals from the relative strength indexes.

Therefore, we expect the Dow Jones Index to decline in the coming trading to target 17218.00 support, which represents 61.8% Fibonacci level of the above mentioned bullish wave.