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Market Analysis

Home » Featured » Dow Jones Mini Futures Technical Analysis for November 06, 2015

Dow Jones Mini Futures Technical Analysis for November 06, 2015

Posted by FXTimes in Featured - November 6th, 2015 6:30 am GMT

fdow
Chart setups:
A daily chart view has been presented here further to what was discussed earlier. As seen here, the indice had pushed higher towards 17,900 levels before pulling back. Please note that the entire rally from mid 15,000 levels is still corrective in nature, and a bearish reversal should be expected till 18100/200 resistance remains intact. Looking into the bigger count, a wave 3 (bearish), should resume from current levels, that could drag prices below 15000 levels in coming weeks. Immediate resistance is seen at 18100 levels, followed by 18280, while support is seen at 17500 levels, followed by 17000 and lower respectively. Bears are expected to take control till prices stay below 18200 levels broadly.
Trading recommendations:
Remain short, stop at 18300, target remains open.
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