Wed, Mar 29, 2023 @ 08:06 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: Dow Strong Upside Rejection at 20827

Technical Outlook: Dow Strong Upside Rejection at 20827

Dow continues to trade within 20450/20700 congestion, where the index is holding for nearly two weeks, after pullback from new all-time high at 21160 stalled. Choppy trading, seen in past few days, is without clear direction, however daily indicators are heading south; MACD is in negative territory and bearish momentum building up that keep bearish alignment of the daily picture.

In addition, strong upside rejection at 20827 on Wednesday that left big bearish candle with long upper wick, continues to weigh on market.

Fresh extension lower on Thursday penetrated into rising daily Ichimoku cloud which underpins strong bull-trend since early Nov 2016, could be also seen as bearish signal.

Daily cloud top lies at 20635 and close below it would keep negative near-term sentiment for renewed attempts towards 20500/450 support zone.

Range boundaries mark pivotal points for firmer direction signals on break of either side.

Weakening daily and bearish studies on lower timeframes keep the downside vulnerable for now.

Res: 20635; 20700; 20742; 20827
Sup: 20512; 20451; 20437; 20355

Windsor Brokers Ltd
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading