Dow Jones breaches an ascending price channel's support - Technical Analysis - 08-02-2016
Dow Jones moved past the SMA50 in its last trading in the short term, getting exposed to its negative pressure which led it to breach the support of that ascending price channel, which limited the index's previous short-term movements as shown in the attached chart, doubling the negative pressures on the index's next movements, especially with the overall dominance of the main downward trend in the medium term.
Therefore we expect more tumbles to come for the index, targeting the support of 15,924, and in the case of breaching it, it'll keep sliding further to the support of 15,657.
Trend
Bearish