During today’s US session one might spot only some minor moves on the stock markets. Let’s have a look at the technical situation of the Dow Jones Industrial Average index (US30). Looking at the daily chart, one might notice that after many attempts the price managed to climb above the 30,000 pts mark (which coincides with the 127,2% Fibo external retracement of the recent pullback). Breaking above it might herald an upward move towards 161.8% Fibo retracement near 31,120 pts. However, price would need to break above the wedge pattern before that (red lines on the chart). On the other hand, should the pullback start, the nearest support may be found at 29,450 pts while the next one is located near 28,800 pts.
US100, D1 interval. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appLet’s have at look at H4 interval now. One can notice that an upward trend still continues, despite the fact that recent moves are nowhere near being vibrant. As long as the price stays above the local trend line, an upward move is a baseline scenario. However, should the price fall below the mentioned line, the area at 28,650 pts might be the first target of market bears (38.2% Fibo retracement of the recent upward impulse + previous price reactions).
US30, H4 interval. Source: xStation5
