The Dow trading at a trend line, a low made on October 2013. It gave a strong return on a strong trend line. Now it is trading at a strong resistance trend line. Today's unemployment and home sales data can make big moves in the street. Due to that the bond yields are weak, we can expect a pullback from lower levels. If the Dow closes above 16,700, it creates a new trend targets.
In the daily chart oscillators sign a sell signal. In yesterday's trade, prices broke previous support at the level of 16,370 and well managed to close above 21DEMA. In the hourly charts 21DEMA is acting as strong resistance at the level of 16,397. If prices break it, we can pull back up to 16,444.
Support- 16,240.
Resistance- 16,562, 16,700.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of Dow Jones for January 23 01 . Thanks for your support on Technical analysis of Dow Jones for January 23 01
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