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Wednesday, August 3, 2016

Update on DOW 30,3rd August 2016





DOW 30

  
DOW 30 has been in habit of following our mentioned and analyzed levels and it moved in our previously mentioned range on expected terms. DOW 30 was in same trajectory as S&P 500 but traded with weakness as DOW 30 seems to have entered in consolidation but looked weak on last session as trend needs looking weak. DOW 30 opened at 18239 and from there made high of 18249 before panic could make DOW 30 to make low of 18189  before closing the weak  range bound session at 18194 with loss of 54 points or decrease of 0.29% to the index.

DOW 30 has immediate Resistance intact around 18310—18445.If this level is positively breached and sustained then one see DOW 30 resistance building around 18535--18550.

DOW 30 has immediate Support building around 18150--18040.If this level is breached negatively and not sustained then one see next support building around 18000--17980.

RSI of positive 54 and decreasing indicate that short term trend is weak and we may see some profit booking as investors would like to square off their position and DOW 30 is trading near middle Bollinger band limit and we may see some range bound movement for short  term and also the fact that DOW 30 has been trading with weakness for consecutive sessions .

MACD of positive 107  and decreasing  also indicate that short term trend is weak or towards consolidation and we may see this upside momentum one a strong support is formed at current level and supports are positively sustained.




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