Technical Analysis: DJIA

Posted by: : Paul EbelingPosted on: August 14, 2014 Technical Analysis: DJIA

Technical Analysis: DJIA

US30 Index (DJIA) CFD closed higher Wednesday as a slowdown in retail sales raised speculation that the US Federal Reserve will not  be forced to raise rates sooner than anticipated.

Wednesday’s high range close sets the stage for a steady to higher opening Thursday in New York.

Stochastics and the RSI are Neutral to Bullish indicating that sideways to higher prices are possible near term.

Closes above the 20-Day MA crossing are needed to confirm that a low is in.

If the DJIA renews the decline off July’s high, the 50% Fibo retracement level of the February-July rally crossing is the next Southside target.

 

 

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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