Stock index Dow Jones continue to move as part of the correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the index is trading at 25496. Moving averages indicate a downward trend in the index. At the moment, we should expect an attempt to increase the index quotes and test the resistance level near the area of 2585. Where is the rebound expected and the continuation of the fall of the Dow Jones stock market quotes to the area below the level of 24050.
Dow Jones Index Forecast and Analysis August 16, 2019
In favor of reducing the quotes of the stock index on August 16, 2019, a test of the downward trend line on the relative strength index (RSI) will be made. The second signal will be the completion of the formation of the head and shoulders reversal pattern. Cancellation of the option of falling index quotes will be a strong growth and a breakdown of the area of 26650. This will indicate a breakdown of the resistance level and continued growth of the Dow Jones with a target above the level of 27565. Expect acceleration of the fall of the Dow Jones quotes with a breakdown of the support area and closing below 25175.
Dow Jones Index Forecast and Analysis August 16, 2019 suggests an attempt to test the resistance level near the area of 2585. Then, a continuation of the fall to the area below the level of 24050. A test of the trend line on the relative strength index (RSI) will be in favor of lowering Dow Jones quotes. Cancellation of the fall option will be a strong growth and the breakdown of the area of 26650. This will indicate a continuation of the rise with the target above the level of 27565.
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