wall street daily outlook for thurs 22 jan watch the 17600 neckline resistance for a potential bulli

  What happened yesterday The Wall Street Index (proxy for the Dow Jones Industrial Average) has not managed to break above the 17600 neckline resistance […]


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By :  ,  Financial Analyst
January 22, 2015 12:15 PM
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By :  ,  Financial Analyst

DJIA (1 hour)-daily forecast-22 Jan 2015

 

What happened yesterday

The Wall Street Index (proxy for the Dow Jones Industrial Average) has not managed to break above the 17600 neckline resistance of the “Inverse Head & Shoulders” configuration even though the broader S&P 500 has broken out from a similar configuration. Interesting times ahead! Please click on this link for more details on our yesterday’s write-up.

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 trendlline support and 50% level.

Key levels

Intermediate support: 17535

Pivot (key support): 17390

Resistance: 17600, 17740 & 17920

Next support: 17250

Conclusion

The Wall Street Index (proxy for the Dow Jones Industrial Average) needs to clear above 17600 to trigger a further upside movement towards 17740 in the first instance.

However, a break below 17390 (daily pivotal support) may negate the bullish tone for a slide 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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