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Dow30 – Re-test of 5-DMA likely

FX:US30   Index of top 30 shares on Wall Street
  • Dow’s repeated failure to stay below 18,264 (23.6% of post Brexit low-high) coupled with hourly RSI rising from oversold territory suggests we could head back to 5-DMA level of 18,389-18,400 levels.
  • Bearish invalidation is see only if prices break above the upper end of the falling channel noted on hourly chart.
  • On the lower side, a day end closing below 18,264 would open doors for a slide to 50-DMA level of 18,037.
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