DJU unable to break through key resistance level
Dow Jones Utility Average Index (DJU) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
DJU finished Wednesday at 814.51 losing $4.17 (-0.51%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DJU as at Sep 16, 2020):
Wednesday's trading range has been $9.52 (1.17%), that's below the last trading month's daily average range of $13.15. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DJU.
Prices are trading close to the key technical support level at 806.86 (S1). Unable to break through the key technical resistance level at 819.61 (R1), the index closed below it after spiking up to 819.91 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.