wall street daily outlook for fri 30 jan further potential push up above 17300 support 128462015

What happened yesterday The Wall Street Index (proxy for the Dow Jones Industrial Average) has managed to drift down and almost hit the lower limit […]


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By :  ,  Financial Analyst
January 30, 2015 3:16 PM
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By :  ,  Financial Analyst

DJIA (4 hour)-daily forecast-30 Jan 2015

DJIA (1 hour)-daily forecast-30 Jan 2015What happened yesterday

The Wall Street Index (proxy for the Dow Jones Industrial Average) has managed to drift down and almost hit the lower limit of the “Expanding Wedge” range configuration at 17170 before reversing up sharply.

Key elements

  • The Index has broken above a former short-term pull-back resistance now turns support at 17300 which also corresponds with the 50% Fibonacci retracement from 29 January 2015 low to 30 January 2015 high.
  • The short-term Stochastic oscillator has just exited from its oversold regjon

Key levels

Pivot (key support): 17300

Resistance: 17690 & 17900

Next support: 17170

Conclusion

As long as the daily pivotal support at 17300 holds, the Index is likely to stage a further push up towards 17690 with a maximum limit set at the range top at 17900.

On the other hand, a break below 17300 may see another slide to retest the lower limit of the “Expanding Wedge” range configuration at 17170.

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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