Dow Jones Mini Futures Technical Analysis for November 12, 2015
Posted by FXTimes in Featured - November 12th, 2015 8:14 am GMT
The daily chart view has been presented here again, for the bigger wave structure unfolding. It is clear now that the counter trend (3 wave ) rally that begun from 15,500 levels on August 24, 2015, has stalled at a convergence of fibonacci 0.786 resistance and back side of the Multi year support trend line. Please note that prices have moved much in the last 2 trading sessions after confirming an evening star candlestick pattern early this week, nevertheless bears are expected to take control from current levels (17,690), till prices remain broadly below the 18,100 mark at least. The drop from current levels should exceed below the 15,000 mark before the larger uptrend resumes. Immediate support is seen at 17,500 levels, followed by 16,800 and lower while resistance is seen through 18,100/200 levels and higher respectively. The RSI still holds below 70 levels, which favours the bearish count.
Holding shorts, stop at 18,300 target below 15,000