The Dow Jones 30 index is ripe for a consolidation after a strong move over the past few weeks. Its broken key long term resistance, and I expect these levels to be tested for support going into the year end. Trend is up for now on a cloud chart basis, with the top end of the cloud as a key support zone!
Levels to watch for support are: 23% Fib retracement :18858, and then 38% Fib level 18673, which is part of old resistance levels, that is the new support zone! Expect a brief consolidation of recent moves, and then continuation of the rally.
Happy trading.
Regards
Richard Muller
No comments:
Post a Comment