Anyone seeing higher prices on DJIA???
US equities have some real concerns at the moment. Rising interest rates, trade conflict with China and anxieties regarding an ageing bull market saw the Dow Jones Industrial Average print its second consecutive daily loss on Thursday.
However, there could be some light at the end of the tunnel according to our technical studies. Kicking off things from the top, weekly price recently shook hands with a trend line resistance-turned support (taken from the high 25807), which hovers just north of the 2018 yearly opening level at 24660. A closer look at the action on the daily timeframe brings in demand at 24897-25096 and its 61.8% Fib support at 25101. Although demand suffered a minor breach, the area remains in play.
H4 movement also checked in with support penciled at 24957 (situated within the lower limits of the current daily demand zone) and a merging trend line support (etched from the low 23451). The next upside target on this scale, however, is seen close by at 25376: August’s opening level.
Areas of consideration:
From a technical perspective, having seen all three timeframes engage with supportive structure yesterday, a break of August’s opening level at 25376 is probable today. Should this come to fruition and the H4 candles retest 25376 as support in the shape of a bullish candlestick formation, longs are high probability with an initial upside target priced in at 25603: the underside of a daily resistance area.
Today’s data points: US prelim UoM consumer sentiment; FOMC member Bostic speaks.
However, there could be some light at the end of the tunnel according to our technical studies. Kicking off things from the top, weekly price recently shook hands with a trend line resistance-turned support (taken from the high 25807), which hovers just north of the 2018 yearly opening level at 24660. A closer look at the action on the daily timeframe brings in demand at 24897-25096 and its 61.8% Fib support at 25101. Although demand suffered a minor breach, the area remains in play.
H4 movement also checked in with support penciled at 24957 (situated within the lower limits of the current daily demand zone) and a merging trend line support (etched from the low 23451). The next upside target on this scale, however, is seen close by at 25376: August’s opening level.
Areas of consideration:
From a technical perspective, having seen all three timeframes engage with supportive structure yesterday, a break of August’s opening level at 25376 is probable today. Should this come to fruition and the H4 candles retest 25376 as support in the shape of a bullish candlestick formation, longs are high probability with an initial upside target priced in at 25603: the underside of a daily resistance area.
Today’s data points: US prelim UoM consumer sentiment; FOMC member Bostic speaks.
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