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4/18/2016 3:01:31 AM

Dow Jones dips on profit-taking - Technical Analysis - 18-04-2016



Dow Jones fell in the short term and intraday levels as traders took profits of the past rises, with the dominance of the upward trend in the medium and short terms, while the index tries to garner positive momentum to help it keep up that trend and attack the pivotal resistance of 17,900.00, as the index trades within an ascending price channel in the medium term as shown in the attached chart, while relative power indicators reached extremely oversold levels compared to the index's upward movement, hinting at forming a positive divergence in the Stochastic indicator as shown below the attached chart, and finally, the index benefits from ongoing positive pressure from the SMA50.

Therefore we expect the index to return higher in the coming trading, targeting the resistance of 17,900, readying to attack it, and in case of breaching that level, it will open the door for more gains to come, targeting the resistance of 18,100.00.


Target
Risk


Support
Resistance


Trend Bullish

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