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Long

Dow Jones faces strong support around 15650, good to buy at dips

FX:US30   Dow Jones Industrial Average Index
120 0 4
Major support : 15650 ( trend line joining 10402 and 15193)

The index has declined till 15837 and started to recover from that level. Short term trend is slightly bullish as long as support 15650 holds.

Any break below 15650 will drag the pair till 15190 (Aug 2015 low). Break below 15190 confirms major weakness, a decline till 14700/14500 is possible.

On the higher side minor resistance is around 16250 and break above will take the index to next level 16405/16825.

Short term trend reversal only above 17240 level.

Momentum indicator stochastic RSI is showing bullish divergence which confirms slight pullback in coming days.

It is good to buy at dips around 16000 with SL around 15650 for the TP of 16825/17000
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