Technical Analysis

Dow Jones Future Well Supported and Extends Strong Rally


Dow Jones future contract for September delivery remains well supported and extends strong rally from Monday (up 0.90% for the day), approaching key barrier at 22131 (record high posted on 08 Aug).

The contract is about to complete corrective phase from 22131 to 21580 (08/21 Aug pullback) and resume broader uptrend.

Fresh bullish sentiment on fading concerns over North Korea and impact of Hurricane Irma on the US economy boosts the price strongly. Eventual break above 22131 pivot would commence fresh bullish phase and expose Fibo projections at 22261 (123.6%) and 22341 (138.2%). Initial support lies at 22054 session low, followed by round-figure 22000 support, also broken bear-trendline from 22131 peak.

Res: 22131; 22200; 22261; 22341
Sup: 22054; 22000; 21910; 21856

Author: Windsor Brokers LtdWebsite:
Windsor Brokers Ltd
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