Dow jones technical analysis on 16 march 2017
Dow jones after hitting target of 21170 retraced on profit booking and hit low near 20777. But traders are buying to every dip and rally still strongly intact. This reversal is strong and momentum indicators and oscillators once again signaling big upside move this major index. On upside expect 21170 as first target of this reversal move and then my next technical target will be 21520 for month of March 2017.
Daily closing above 21520 means super bullish rally with short covering for technical targets 22180 and 22540. Which quit possible and momentum is strong with liquidity in market!! Trump hope rally might survive month of March which quietly remain negative for markets!!
On downside 20777 support is very important for dow jones if get breached on daily closing basis then expect strong correction towards 20500 support. Below 20500 Dow will officially enter short term downtrend for bearish targets 20150 and then 19450.