Stock index Dow Jones continue to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the index is trading at 26301. Moving averages indicate a bearish trend on the index. At the moment, we should expect an attempt to develop a bullish correction of quotes and a test of the resistance level near the area of 26450. Here is the upper border of the «Triangle» model. Further, a rebound is expected and a continued fall in the quotes of the Dow Jones stock index to the area below the level of 24655.
Dow Jones Index Forecast and Analysis August 30, 2019
In favor of reducing the quotes of the stock index on August 30, 2019, a test of the downward resistance line on the relative strength index (RSI) will be made. The second signal will be a rebound from the upper boundary of the «Triangle» model. Cancellation of the option of dropping the quotes of the index will be a strong growth and a breakdown of the area of 26655. This will indicate a breakdown of the resistance level and continued growth of the Dow Jones with a target above the level of 27555. Expect an acceleration of the fall of the Dow Jones quotes with a breakdown of the lower boundary of the «Triangle» model and closing below 25050.
Dow Jones Index Forecast and Analysis August 30, 2019 suggests an attempt to test the resistance level near the area of 26450. Then, a continuation of the fall to the area below the level of 24655. 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 26655. This will indicate a continuation of the rise with the target above the level of 27555.
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