Dow outlook – Losses seen below 23.6% Fibo

FX:US30   Index of top 30 shares on Wall Street
Resistance – 14,538, 17,622, 17,755

Support – 17,399, 17,366, 17,149

  • Day end closing below head and shoulder neckline and 17,538 (23.6% of 15501-18167) on Wednesday following hawkish Fed minutes has kept the doors open for a drop towards support levels at 17,366 and 17,149 levels.
  • Daily RSI , at 43, stays in favor of further decline. However, short-term loss of momentum might result in sideways action.
  • Bearish invalidation is seen happening only if prices close above head and shoulder neckline.

Note – A negative closing today would result in a bearish crossover between 21-day EMA and 55-day EMA and add credence to bearish break from below head and shoulder neckline.
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