Monday’s Technical Outlook for DJIA (.DJI)
Wall Street bounced Friday, with the DJIA adding 65 points or 0.38% to end at 17,500.94, down for a 4th week running.
The benchmark index got hit by FOMC’s Hawkish Mins, but as most worldwide indexes, shrugged concerns over upcoming events and rose on the back of sharp gains in the technology and healthcare sectors.
The DJIA closed off its weekly low of 17,325, the risk remains to the Southside according to the daily, as the index continued developing well below a Bearish 20-Day SMA, and the technical indicators remain in negative territory, with no directional strength.
Technical readings in the 4 hours support some further declines ahead, given that the index stands just above a Bearish 20-Day SMA, while the technical indicators have turned flat in Neutral territory, after the oversold conditions reached after US Fed’s announcement.
DJIA at 17500.94, +0.38% could hold above support near 17350 for sometime before falling back to 17250 and lower. It may spend some time in the 17300-17750 range med-term.
Support marks:17,465 17,398 17,325
Resistance marks: 17,569 17,607 17,675
Have a terrific week.
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