Dow Jones - support has been broken
In our recent analysis, we have mentioned that the DJIA may create a potential head and shoulders pattern. A few days later the trendline and the support line had broken which could confirm the mentioned pattern.
It seems that the broken support at 27196 pts could be a possible resistance right now along with the broken trendline and an upper limit within a downward channel. The next potential support could be located at the line drawn through the bottoms and at the low of 26014 pts.
Due to the spotted lower highs and lower lows we could say that the market creates a downward trend. It seems that only a move above the upper limit within the channel would change the sentiment from bearish to bullish.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It seems that the broken support at 27196 pts could be a possible resistance right now along with the broken trendline and an upper limit within a downward channel. The next potential support could be located at the line drawn through the bottoms and at the low of 26014 pts.
Due to the spotted lower highs and lower lows we could say that the market creates a downward trend. It seems that only a move above the upper limit within the channel would change the sentiment from bearish to bullish.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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