wall street daily outlook for 21 jan still evolving within potential bullish configuration 88452015

What happened yesterday The Wall Street Index (proxy for the Dow Jones Industrial Average) has tested and reacted off the neckline resistance of the bullish […]


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By :  ,  Financial Analyst
January 21, 2015 11:39 AM
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By :  ,  Financial Analyst

DJIA (1 hour)-daily forecast-21 Jan 2015

What happened yesterday

The Wall Street Index (proxy for the Dow Jones Industrial Average) has tested and reacted off the neckline resistance of the bullish “Inverse Head and Shoulders” configuration at 17600. Please click on this link to review yesterday’s outlook.

Key elements

  • The Index is still evolving within an impending bullish “Inverse Head & Shoulders” configuration with the neckline resistance at 17600.
  • The 17740 level is the 1.00 Fibonacci projection from 16 January 2015 low to 21 January 2015 low.
  • The RSI oscillator remains bullish above its 50% level.

Key levels

Pivot (key support): 17340

Resistance: 17600, 17740 & 17920

Next support: 17250

Conclusion

As long as the 17340 daily pivotal support holds and a break above 17600, the Wall Street Index (proxy for the Dow Jones Industrial Average) may trigger a further upside movement towards 17740 in the first instance.

On the other hand, failure to hold above 17340, 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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