DJI saw strong potential of a larger degree correction targeting 42,890 or lower support at 41,935. Reason being that there's a bearish divergence between the price chart and 23-period ROC. Furthermore, mid-term stochastic has shown bearish overbought signal. Another worthy price action signal showing weakness is that the index has fail to break above the high at 45,000 psychological level. Despite the weak outlook, we are looking at a long-term upside targeting 46,200 (6 months and beyond)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.