US30 - Awaits breakout from Triangle Pattern

FX:US30   Dow Jones Industrial Average Index
Resistance - 17,974, 18,086, 18,167

Support - 17,800, 17,662, 17,538

  • Dow Jones finds itself trapped inside a triangle formation on the daily chart .
  • A break higher on the day end closing basis would indicate the rally from February lows has resumed, in which case immediate resistance at 18,167 could be put to test.
  • On the other hand, a break below daily 50-MA level of 17,800 would open doors for a drop to 23.6% Fibo support of 17,538 levels. However, trend reversal is seen only if prices see a day end closing below symmetrical triangle support.
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