Thursday’s Technical Analysis: DJIA (.DJI)
US30 Index (DJIA) CFD closed moderately higher Wednesday.
The low range close set the stage for a steady to lower open Thursday.
Stochastics and the RSI are Neutral to Bearish indicating that sideways to lower trading is possible near term.
If DJIA renews last week’s decline, the 38% Fibo retracement mark of the October-March rally crossing is the next Southside target.
Closes above Monday’s high crossing are needed to confirm that a short term low is in.
The DJIA was 1st calculated on 26 May 1896.
Currently the DJIA is owned by S&P Dow Jones Indices, which is majority owned by McGraw-Hill Financial, it is the most notable of the Dow Averages, of which the 1st (non-industrial) was 1st published on 16 February 1885.
The averages are named after Mr. Dow and one of his business associates, statistician Edward Jones.
It is an index that shows how 30 large publicly owned companies based in the United States have traded during a standard trading session in the stock market.
The Stochastic Oscillator
The theory behind this indicator is that in an upward-trending market, prices tend to close near their high, and during a downward-trending market, prices tend to close near their low. Transaction signals occur when the %K crosses through a 3-period moving average called the “%D”
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