Dow 30 outlook - Falling channel established

FX:US30   Dow Jones Industrial Average Index
Resistance – 17,539-17,544, 17,640, 17,698

Support – 17,418, 17,280, 174,149

  • Dow’s rejection at 55-day EMA at 17,544 yesterday followed by a negative day end closing at 17,492 levels indicates the bulls are likely to remain at the bay and the prices could drop to 17,330 levels.
  • However, futures indicate the index is likely to open higher around 17,570 levels.
  • Still, the bear grip is likely to stay intact as long as prices do not see a day end closing above head and shoulder neckline resistance at 17, 640 levels.
  • Traders should watch out for a failure to hold above 17,539 levels could translate into a drop to 17,330 levels.

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