INDU pushes through key resistance level

Dow Jones Industrial Average Index (DJIA) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team


INDU pushes through key resistance level
INDU fails to close above 50-day moving average
INDU runs into sellers again around 24675.36
INDU rises to highest close since March 21st
INDU still stuck within tight trading range


INDU ended Monday at 24573.04 gaining $212.90 (0.87%). Today's closing price of 24573.04 marks the highest close since March 21st. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily Candlestick Chart (DJIA as at Apr 16, 2018):

Daily technical analysis candlestick chart for Dow Jones Industrial Average Index (DJIA) as at Apr 16, 2018

Monday's trading range was $195.16 (0.8%), that's far below last trading month's daily average range of $443.21. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 24150.87 and 24675.36 which it has been in now for the last trading week.

After moving lower in the previous session, Dow Indu managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Breaking through the key resistance level at 24511.35 today, it is now likely to act as support going forward. After having been unable to move above 24646.45 in the previous session, the index ran into sellers again around the same price level today, failing to move higher than 24675.36. After spiking up to 24675.36 during the day, the stock index found resistance at the 50-day moving average at 24621.22.

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Selling might accelerate should prices move below the close-by swing low at 24243.74 where further sell stops could get triggered.

With three of the other Major World Indices closing higher and three closing lower today, the winners of the day are SPX surging 0.81% and NDX gaining 0.71%. On the flipside the worst performers have been HSI closing -1.6% lower and FTSE losing -0.91%. Read more

Market Conditions for DJIA as at Apr 16, 2018

Loading Market Conditions for DJIA (Dow Jones Industrial Average Index)...
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