Dow Jones Industrial Average (.DJI) Target 30,000 is a Real Milestone
U.S. stocks were poised for a day of mild losses on Thursday, with the Dow industrials on track to pull back from a five-day rally driven partly by optimism over the U.S. economy.
Traders appeared to be pausing for breath as they looked ahead to prominent earnings releases, including from Dow components Travelers and Microsoft, in what is shaping up to be an upbeat season.
If these past 6.5 months are indeed going to prove to have been a consolidation phase, then huge gains, perhaps sufficient to carry the Dow to 30,000″ are “technically possible.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 24,715.92.
The projected upper bound is: 25,717.30.
The projected lower bound is: 24,714.95.
The projected closing price is: 25,216.13.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 9 white candles and 1 black candles for a net of 8 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 95.4607. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 13 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 63.16. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 112 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 108.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 12 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 7 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERAGE closed up 79.398 at 25,199.289. Volume was 28% below average (neutral) and Bollinger Bands were 3% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 24,853.78 24,752.67 24,468.88
Volatility: 10 13 18
Volume: 239,335,968 313,915,072 371,103,840
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
DJ INDU AVERAGE is currently 3.0% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .DJI (mildly bullish). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 3 periods.
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