The Dow Jones resumes climb within a bullish channel range – technical analysis – 16-11-2016

The Dow Jones continued to climb during _ the current week affected by the wave of optimism that hit the market after _ the US elections, which caused a wave of sharp volatility ahead of the final results led to a decline in the price of the index to test the 17,383 support.

 

After the last decline the index managed to return to the basic boarding, which showed the price moves within a bullish channel the index moved within its range since nearly two years, which increased the positive momentum of the bullish movement and pushed prices to trade above the level of 18628 as the highest price recorded by the index last August.

 

Generally; the index during the current trading is trying to hold above the level of 18628, where the stability above this level will push the price for further climb during the coming medium and short term trades in order to try to skip 19040 resistance, while trading and holding below 186.28 level will restore the bearish moves on the index, in order to hit the next support 18250 and may exceed it.