Stock index Dow Jones continue to move as part of the correction. At the time of the publication of the forecast, the index is trading at 26228. Moving averages indicate a downward trend. At the moment, we should expect an attempt to increase the index quotes and test the resistance level near the area of 26665. Where is the rebound expected and the fall of the Dow Jones stock index quotes to continue to fall below 24365. Do not exclude the attempt to form a «Head and Shoulders» reversal pattern.
Dow Jones Index Forecast and Analysis August 9, 2019
In favor of reducing the quotes of the stock index on August 9, 2019, a test of the downward trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the area of moving averages. Cancellation of the option of falling quotes of the index will be a strong growth and a breakdown of the area of 27350. This will indicate a breakdown of the resistance level and continued growth of the Dow Jones with a target above the level of 28005. Expect an acceleration of the fall of the Dow Jones quotes with the breakdown of the support area and closing below 24855.
Dow Jones Index Forecast and Analysis August 9, 2019 suggests an attempt to test the resistance level near the area of 26665. Then, the continuation of the fall to the area below the level of 24365. 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 a breakdown of the area of 27350. This will indicate a continuation of the rise with the target above the level of 28005.
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