Showing posts with label DJIA. Show all posts
Showing posts with label DJIA. Show all posts

Saturday, February 21

DJIA Technical Analysis 21st Feb

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Yesterday's closing was rather pivotal. The low of 7449.38 made on the 21st of November failed to hold as a support level and it closed at a level 7365.67 with heavy volume. This means that the risk to a downside has increased and DJIA still has some way to go.
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Sunday, December 7

DJIA Technical Analysis 07 Dec

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Currently, DJIA seems to be forming a support base at around the level of 8100. Some technical analysts are interpreting the current DJIA chart as an inverse head & shoulders formation forming. I am interpreting it as a simple horizontal support at 8100. There was a false breakout to the downside on the 21st and 22nd of November before DJIA rallied back to the support level of around 8100. Due to this failure of the DJIA to breakout to the downside, I am tilting towards the view that DJIA is currently consolidating now for a move towards the upside in my opinion.
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Friday, November 21

DJIA Technical Analysis 21st Nov

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DJIA broke out of the support region of around 8219 after a drop of -444.99 points or -5.56 % in terms of percentage and closed at 7552.29.

I took a look at the technical chart using Yahoo finance as Chartnexus only displayed two years of data. The region of around 7600 has been an interesting area since important support areas in the past had been found there. This corresponded to the closing level of 7640.25 on the 31st August of 1998 and 7528.4 on the 22nd September of 2002. Currently, DJIA is hovering slightly above this region so it will be good to take note if this support region can hold.
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Sunday, November 16

DJIA Technical Analysis 16th Nov

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Technically, an interim bottom may have been reached for the DJIA. This is due to the testing of the low coupled with a strong closing on the 13th of November. On that day, it tested a low of 7965.42. Previously, DJIA had tested the level of 7882.51 successfully on the 10th of October. I have highlighted both days with purple rectangles. Do note that the volume for both days were heavy and that adds to the significance of the testing of the lows. With the successful testing of the region of around 7900, DJIA should be poised for a retracement back to the upside soon
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