DOW JONES INDUSTRIAL AVG INDEX-A TECHNICAL UPDATE-14-12-2015

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 17265.21 ON 11-12-2015

                                                                           

SUPPORT:- 17210.43/17125/ 17067.59 /17037.36/16887.67/16333.78/16312/15979.95/15942.37/15855.12/15370.33/15340.69.

 RESISTANCE:- 17350.64/17465/17720/17824 /17914.34/17977.85/18137.12.

(Figures in bold are important)

It looks critically and evenly poised with a slight tilt towards downside now so possibly it could give  either side move in coming days, so be watchful. It had made a lower rounding top in the range of 17914—17900 and then moved down and hit a low of 17230.50, moving down it has breached all its long  term moving averages the last being at 17286.63 now(it changes every day) but managed to hold its recent major bottom of 17210.43. It is showing weakness now and to show some strength it has to move above 17286.63 mark (it changes every day) and sustain and to regain up momentum  it has to move above 17662(it changes every day) and sustain. Similarly if it breaks its recent major bottom of 17210.43 and sustain then it can drag it down to lower levels (see support levels).

REMARKS:-Since it is critically poised, so watch out which way it moves and then take action accordingly. Furthermore FOMC meet for interest rate possibly is slated for middle of next week and the outcome of this meet will surely impact the market whichever  way. So it would be prudent to watch the market till the event is over or else take action keeping the above mentioned figures in mind.   

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.