Dow Jones Industrial Index – DJIA which has resumed its up move after some prolonged consolidation that begin after the Index hit its lifetime high of 26616.71 on January 06, 2018. During corrective retracement that followed, it tested 23360 and thereafter remained in ranged consolidation in a sideward trajectory in a broad range. In the process, it took support for number of times at or near its 50wMA as evident in the Chart.
After retracing and seeing a corrective move by paring nearly 13% from the high point, the DJIA Index has resumed its up move and it has shown all likelihood of testing its previous high of 26616 and even moving past that level.
US Markets are slated to test its previous highs and even move past them if as indicated by very important Breadth Indicator, i.e. Advance Decline Line.
Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst
Member: (MTA, USA / CSTA, Canada / STA, UK) | (Research Analyst, SEBI Reg. No. INH000003341)
Tel: +91-70164 32277 |