CURRENCYCOM:US30
The DOW is has currently entered a downtrend after getting rejected from 24900 region and has also broken the important 0.5 fib level. We will have to see how it reacts if it tries get back up from the 0.5 fib level, but as of now things have started to go towards being bearish.
DOW is trading in a downward channel channel and making a series of lower highs and lower lows and we have see comparatively bigger red candles since the drop. The current market conditions have a higher likelihood of breaking down or consolidating sideways, but then we will also have to look out for news that comes up in the next few days. (As technicals don't seem to be working much in heavily news driven markets)
The 23000 level is an important support zone which has already been tested twice. More retests will make it weaker and more susceptible to breaking.
If 23000 breaks then 22500 zone which is the 0.382 fib level also may act as immediate support zone, but breaking of this zone can lead to heavy decline as there aren't much strong support zones after that nearby.
Daily RSI
DOW - 47 - Neutral
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The DOW is has currently entered a downtrend after getting rejected from 24900 region and has also broken the important 0.5 fib level. We will have to see how it reacts if it tries get back up from the 0.5 fib level, but as of now things have started to go towards being bearish.
DOW is trading in a downward channel channel and making a series of lower highs and lower lows and we have see comparatively bigger red candles since the drop. The current market conditions have a higher likelihood of breaking down or consolidating sideways, but then we will also have to look out for news that comes up in the next few days. (As technicals don't seem to be working much in heavily news driven markets)
The 23000 level is an important support zone which has already been tested twice. More retests will make it weaker and more susceptible to breaking.
If 23000 breaks then 22500 zone which is the 0.382 fib level also may act as immediate support zone, but breaking of this zone can lead to heavy decline as there aren't much strong support zones after that nearby.
Daily RSI
DOW - 47 - Neutral
If you found the article useful
HIT LIKE & SUBSCRIBE!