Technical Analysis on the Dow

Edited by Vani Rao

The Dow Jones Industrial average moved higher to 15,721 during intra-day trade before falling to 15,619 at closing time. The Dow again failed to sustain beyond the crucial 15,700 level and may see a short-term pullback going forward. Although technically the Dow looks strong in the long run, any possible pullback could be used as a buying opportunity. As far as individual indicators are concerned, the Dow 30 is trading above its 20-day, 50-day, and 200-day simple daily moving average and will continue to give a bullish signal. On the other hand, indicators like the RSI and Willam %R suggest status, and MACD well below the Signal line indicates the possibility of a trend reversal for the Index. Going forward, WSA continues to believe in a higher upside for the Dow Jones Industrial average.

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