Capital Trust
Capital Trust
images

Dec 10, 2016

04:07 AM EDT


  • New York close
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Featured » Technical analysis for Dow Jones, for October 29, 2015

Technical analysis for Dow Jones, for October 29, 2015

Posted by FXTimes in Featured - October 29th, 2015 5:57 am GMT

APTOPIX NEWS CORP DOW JONES
Chart Setups:
A Daily chart (of Dow Mini Futures) view has been presented here to understand the complete wave count. Please note that the indice has broken a Multi Year Support trend line while dropping from 18300 levels to sub 15000 levels in August 2015.
dow29
The rally since then has been an A-B-C correction till now, or just a counter trend. Believe it or not, the Dow could be at a major infliction point here since it is testing 2 trend lines here: 1. The back side of the support trend line which is resistance now, 2. Resistance line from 18,300 levels. A bearish reversal here (17600-700 levels) could see the Dow tumbling over sharply, way below 15,000 levels. Immediate resistance is seen around 18.000/100 levels, followed by 18200/300, while support is seen at 17,500 and lower respectively.
Trading recommendations:
Initiate short positions with risk at 18300 levels.
Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.