DOW JONES: Triangle break showing the direction

CURRENCYCOM:US30   Dow Jones Industrial Average Index
Dow Jones is supported on its 1D MA50 but the Triangle pattern since December is keeping it neutral. This is evident both on the 4H (RSI = 45.787) as well as the 1D technicals (RSI = 50.080, MACD = 100.970, ADX = 28.781). As all candles, even the two instances that broke above, have closed inside the Triangle, we will go long or short when it breaks out and closes.

The Resistance and Support levels/ zones are clear on the chart. A price cross closing over the Triangle is a buy (TP = 35,350) just under R1 and a price closing under the Triangle is a sell (T{ = 32,550) just over S1.

Pay attention to the 1D RSI which is within its own Triangle. A breaking may be a leading indicator to the price break out.

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