INDU pushes through key resistance level

Dow Jones Industrial Average Index (INDU) Technical Analysis Report for Apr 16, 2018

Highlights

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

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

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 chart for INDU

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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

Order Flow

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

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Dow Jones Industrial Average Index

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