Dow jones weekly chart analysis

WEEKLY CHART

WEEKLY CHART

• The first chart shows dow jones moving in an upward moving channel.
• It has taken support at the lower trend line of the channel and will try to remain in the channel and moving up.
• Next chart shows a rising wedge in weekly chart breaking down which can have serious down side targets for dow jones.
• But right now a rally towards the break down point of this raising wedge is going on. Which can end any time and the correction for this pattern can be huge.
• Third one is another bull chart shows a triangle break out. If sustains above fridays high 10235 it can move to 10315-10325 initially.
• Another important thing to remember is the 200 DAY Simple moving average in daily chart comes around 10310 so this area needs to be watched for reaction as well.
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