Tuesday’s Technical Analysis: DJIA (.DJI)
US30 Index (DJIA) CFD closed higher Monday.
The high range close sets the stage for a steady open Tuesday.
Stochastics and the RSI are Neutral to Bullish indicating that sideways to higher prices are possible near term.
If DJIA extends last week’s decline, the 38% Fibo retracement level of the October-March rally crossing is the next Southside target.
Multiple closes above the 20-Day MA crossing will confirm that a short term low is in.
If DJIA continues Monday’s rally and breaks above the Dec interim high, the 1st resistance is seen at 18,104.
The Dow Jones Industrial Average (.DJI), also called the DJIA, Industrial Average, the Dow Jones, the Dow Jones Industrial, the Dow 30, the DJIA, or simply the Dow, is a stock market index, and one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow.
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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