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Dow - flirting with rising channel support on 4-hour chart

INDEX:DJY0   DJIA
Resistance - 18004 (hourly 50-MA), 18,100, 18,163-18,306

Support - 17,943 (hourly 200-MA), 17,855, 17,785 (hourly 200-MA)

  • Bearish break from hourly rising channel support, which pretty much coincides with 17,973 (hourly 200-MA) would signal short-term trend reversal and open doors for a drop to 17,785.
  • On the higher side, a rebound from hourly 200-MA followed by a break above 18,100 (minor rising channel resistance) would expose latest cyclical high of 18,163.
  • A daily close above the same would expose rising channel resistance seen today at 18,306.
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