Market Overview

Dow Jones Technical Outlook

Dow Jones: It has been in a good ascending trend for the first 2 months of this year after a head and shoulder patter was identified in early January. As shown by the MACD divergence, it can be asserted that the Index may be loosing steam. The psychological 13,000 level has proven to be hard to broken and the Index continues playing with levels last seen on May 2011.

The index is above the Fibonacci retracement resistance level and continues rebounding in that level. If continue in the rise, levels of 13,108 and 13,624 may work as next resistance levels.

Stock chart: 
Stock chart

Posted-In: Technicals Intraday Update Markets Trading Ideas

 

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