Dow Jones keeps rising - Technical Analysis - 29-12-2015

Dow Jones Industrial Average kept rising in the short term and intra-day levels, with the continuing positive support of the same moving average for the period 50, succeeding thereafter in moving beyond the important resistance level of 17,457, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 17,904 to 17,009), but the breach remains to be confirmed.

 

Therefore we expect more gains for the index, especially if the break of the resistance of 17,457 was confirmed by closing above it, targeting thereafter the crucial resistance of 17,693, which represents the ratio 76.4% of the same retracement levels mentioned earlier.