Dow Outlook – Losses Seen Below 23.6% Fibo

May 19, 2016 8:01 AM ET
Tip TV profile picture
Tip TV's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Financial media, Gold

Contributor Since 2016

Tip TV Finance is a daily finance video channel, dedicated to providing our viewers with the best analysis and insight from leading financial analysts around the world. We broadcast three times a day, at 08:10am, 10:00am & 1pm London.

Resistance - 14,539, 17,622, 17,755

Support - 17,399, 17,366, 17,149

Day end closing below head and shoulder neckline and 17,538 (23.6% of 15501-18167) on Wednesday following hawkish Fed minutes has kept the doors open for a drop towards support levels at 17,366 and 17,149 levels.

Daily RSI, at 43, stays in favor of further decline. However, short-term loss of momentum might result in sideways action.

Bearish invalidation is seen happening only if prices close above head and shoulder neckline

Note - A negative closing today would result in a bearish crossover between 21-day EMA and 55-day EMA and add credence to bearish break from below head and shoulder neckline.

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.