Dow Mini Futures, Technical Analysis for November 23, 2015
Posted by FXTimes in Featured - November 23rd, 2015 8:11 am GMT
The daily chart view presented here indicates that the indice could be testing its previous highs at 17,890 levels, before turning lower. It remains to be seen if the turn around comes in from current levels or from sub 18000 levels. Immediate resistance is seen at 18050/60 levels followed by 18300, while support is seen around 17400 levels, followed by 17000 and lower. Please note that the multi year support trend line was taken out in October 2015 and the rally since then still looks to be corrective, testing support turned resistance line around current levels. Also note that RSI had turned lower from the 70 mark earlier, and is still seen around 60. Bears are expected to take control from these levels or just ahead of 18300 levels in the coming trading sessions.
Holding short positions, stop at 18200, target is open.