Dow Jones breaches a descending price channel's ceiling - Technical Analysis - 27-01-2016
The Dow Jones Industrial Average rose in the short term and intraday levels, succeeding previously in breaching the ceiling of that descending price channel that limited its previous movements in the short term as shown in the attached chart, while also trespassing the SMA50, getting rid of its negative pressure and benefiting from its positive support in the coming trading, which comes after the index retested the breached ceiling of that channel, coinciding with the support level of 15,635.
Therefore we expect more gains to come for the index, targeting the resistance of 16,330.00 as a price target for the exit of that descending price channel.
Trend
Bullish