The Dow Jones Industrial Average is the oldest stock market index in the world. It includes, in an «equal-weighted»manner, the thirty largest listed stocks in the USA. Despite the crash this summer, the strong support zone at ....
Day By Day – Indipendent Research
In the shorter-term, the impulse that followed the brief excess below the support at 10,610 points allowed the index to rise above the 11,642 level, corresponding to the lower threshold of a 50% retracement of the violent decline of last August. The prices are now consolidating between this solid support and the resistance at 12,285 points . The dynamic clearly remains bullish; a further decline in the vicinity of the support at 11,642 points – now reinforcedby the 50-day moving average- could be used to play a rebound towards the upper threshold of this interval.
We are therefore positive in the short-term and envision a contact with the resistance at 12,285 points in the next sessions.
We set the invalidation threshold for this positive scenario slightly below the support at 11,642 points.
|2 months Opinion||BULLISH|
|2 weeks Opinion||POSITIVE|
|Resistances||12285 / 12590 pts|
|Supports||11642 / 11340 pts|
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Source: ETFWorld – Day By Day – Indipendent Research