Dow - Head and Shoulder inside Head and Shoulder

FX:US30   Dow Jones Industrial Average Index
If we dissect the right shoulder of the bigger head and shoulder seen on the daily chart via hourly chart, we see a head and shoulder breakout!

It has been breached on Friday and the prices are now trading slightly above the neckline seen around 17,590.

One may be compelled to think the bearish break has failed since prices are back above neckline...however, note that a larger head and shoulder on daily also showed a bearish break on Friday. Hence, caution is advised.


Failure to sustain above 17,590 followed by a break below 17,538.78 (23.6% of Feb low - Apr             high) would add credence to a bearish break from a larger head and shoulder seen on Friday.

Thus, downside stands exposed in this case. Immediate support then is seen at around 17,150 levels.

The bearish view would take a backseat if prices see a daily close above 17,606 today.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out