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3/14/2016 3:24:37 AM

Dow Jones keeps scoring profits - Technical Analysis - 14-03-2016



Dow Jones kept rising in the short term and intraday levels, which comes within a streak of short-term past rises, with  the index affected by the forming of a positive technical pattern contradictory to the main downward trend, the double bottom pattern as shown in the attached chart, with the index settling above the support of 16,934, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the medium term (from 18,905 to 15,363), with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart.

Therefore we expect more gains to come for the index, targeting the resistance of 17,305, representing the ratio 76.4% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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