Dow Jones buoyed by an important support - Technical Analysis - 13-01-2016
The Dow Jones Industrial Average index rose in the short-term and intraday levels trading, which comes after the index tested the important support of 16,212, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 15,165 to 17,905), which gave it positive momentum that helped it rise, along with an influx of positive signals from relative power indicators like the Stochastic indicator as shown below the attached chart.
Therefore we expect more gains for the index in the coming trading, especially if it broke through the resistance of 16,535, targeting thereafter the resistance of 16,858, which represents the ratio 50% of the same retracement levels mentioned earlier.
Trend
Bullish