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2/29/2016 2:55:12 AM

Dow Jones tries to garner positive momentum - Technical Analysis - 29-02-2016



Dow Jones gave up ground in the short term and intraday levels, after trying to tackle the important resistance of 16,633, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the medium term (from 17,905 to 15,363), as traders gather profits and as the index tries to stimulate positive momentum that'd help it rise again, with ongoing positive buoyancy from the SMA for the last 50 days period, while being affected by breaching the ceiling of a positive technical pattern that formed previously in the short term, the Double Bottom pattern, as shown in the attached chart.

Therefore we expect the index to rise provided it breaches the resistance of 16,633, targeting thereafter the resistance of 16,930, representing the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


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