DOW JONES FUTURE UPDATE: now reversal move remain buy and accumulate
DOW JONES future is trading at 21874 with flat loss for the day. Yesterday we saw sharp reversal rally from 21700 level and down closed with almost 190 points with strong bullish reversal candle on daily chart. In intraday, we saw high above 21914 and low was at 21728.
On daily chart, DOW JONES future price trend and momentum now are bullish. Prices made short term bottom patterns on chart and given strong reversal move with fresh buy signal for month of august. DOW JONES is trading above 5 and 20 days average of 21840 and taken support at 50 days average level of 21690. DOW JONES daily chart RSI is 53 with fresh reversal signs and. MACD is at 24 but with bearish corrective patterns.
Dow jones industrial average for month of august opened strong bullish and hit upside target of 22140 but not sustained and we saw strong profit booking and lower level up to 21600. Now taken support at 21700 and given strong reversal intraday rally. On upside my series swing targets were 22130 and 22350 and now this fresh move will head for previous high of 22161 and above it expect next swing target at 22350.
DOW JONES weekly chart price trend and momentum both are strong bullish. Prices are trading way above major weekly averages and on downside 21300 is 20 weeks average level below that 20500 is 50 weeks average level and 19350 is 100 weeks average level and last support of this bullish trend. On upside 22940 is my 2017 second investment target. We already saw first investment target is achieved at 21350 in month of June 2017.
From investment point of view, Dow jones industrial average future in 2017 given low near 19600 and now in strong continuation move with continue buying hit upside target of 21350 and now heading for 22940 and we already saw high of 22160+ in this month. In last 8 months, Dow jones industrial average given 6 positive monthly closing while 2 are negative ones including this month.