wall street daily outlook for 20 jan poised for a potential bullish breakout 88132015

 Key elements The Index is turning up from the lower limit of its ascending channel in place since 16 January 2015. The upper limit of […]


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By :  ,  Financial Analyst
January 20, 2015 1:21 PM
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By :  ,  Financial Analyst

DJIA (1 hour)-daily forecast-20 Jan 2015

 Key elements

  • The Index is turning up from the lower limit of its ascending channel in place since 16 January 2015. The upper limit of the ascending channel stands at 17725.
  • The 17725 level also coincides with the 0.764 Fibonacci projection from 16 January 2015 low to 19 January 2015 low.
  • Since the recovery from last Friday, the Index has traced out an impending bullish “Inverse Head & Shoulders” configuration with the neckline resistance at 17600.
  • The RSI oscillator remains bullish above its support and 50% level.

Key levels

Pivot (key support): 17420

Resistance: 17600 & 17725

Next support: 17250

Conclusion

As long as the 17420 daily pivotal support holds and a break above 17600, the Wall Street Index (proxy for the Dow Jones Industrial Average) may see a further upside movement to target 17725.

On the other hand, failure to hold above 17420, the Index is likely to stage a decline towards the significant support at 17250.

Disclaimer

The information contained in this material is intended for general circulation only.  It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs.  Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.  All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.

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