DJIA fall out of the symmetrical triangle, sell signal confirmed
DJIA was in for a long long time in this huge symmetrical triangle and wasn't able to move in any direction. Now it's finally dropped out of it. Will it stay out and have a huge red day, we will see today, on Friday.
Volume does confirm price action as it is much bigger on drop day, however, it is still below 20 days average volume.
It is below 8 and 20 days MA but still above 50 and 200 days MA which will likely change today. 50 days mMA is DJIA's last support zone before it declared drop to the big red with almost certain.
RSI is neutral.
MACD ticking lower while the MACD line did cross below the signal line which is very bearish and signals a new trend is forming.
Overall: not too many things to say here. 50 days MA will be DJIA's last support line before major drops are triggered. It is less likely support will hold and it is likely we will test Bigred which should provide some support zone. From the bullish perspective only a close above 344 only the daily candles would be bullish and would we would be able to say now it is a confirmed bull market in DJIA. The possibility of that is only 10%.
Volume does confirm price action as it is much bigger on drop day, however, it is still below 20 days average volume.
It is below 8 and 20 days MA but still above 50 and 200 days MA which will likely change today. 50 days mMA is DJIA's last support zone before it declared drop to the big red with almost certain.
RSI is neutral.
MACD ticking lower while the MACD line did cross below the signal line which is very bearish and signals a new trend is forming.
Overall: not too many things to say here. 50 days MA will be DJIA's last support line before major drops are triggered. It is less likely support will hold and it is likely we will test Bigred which should provide some support zone. From the bullish perspective only a close above 344 only the daily candles would be bullish and would we would be able to say now it is a confirmed bull market in DJIA. The possibility of that is only 10%.
Consistency is the key of success....