Thursday 26 April 2018

Dow Jones 30 Index DJI:Having a hard time to get past cloud chart resistance!

The Dow Jones 30 Index DJI  is having a hard time below the cloud. Price action below the cloud is overall negative from a cloud chart perspective. Bottom end of the cloud remain a key resistance zone for the Dow and the top end of the cloud (24988) a key line in the sand so to speak.

Short-term rally possible back up to the bottom of the cloud to test resistance. so far the index has rebounded from old support levels, and if that remains in place I do expect the bottom end of the cloud to be retested for resistance!

The weekly cloud chart still bullish for price action is above the cloud!
Support zone is around the old lows of 23700, with resistance at the 24988 zone, and top end of the front part of the cloud! Downside risk towards top end cloud support remain in place.

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