Monthly Chart of Dow Jones Industrial Average (DJI): Scenario - 1: (2003-2007) The uptrend which started from October-2002 met the resistance around the Fibonacci extension levels of 1.382%-1.5% as seen from the chart. Scenario - 2: (2009-2015) The uptrend which started from March-2009 met the resistance around the Fibonacci extension levels of 1.382%-1.5% as seen from the chart. Scenario - 3: (2020-current period) The uptrend which started from March-2020 might face resistance around the Fibonacci extension levels of 1.382%-1.5% as seen from the chart. Resistance levels lies around 33900-35200.
The index is trading near to demand zone as seen from the chart. The zone is holding as support in every correction in the index. 14100-14300 is the demand zone for the index. If the index manages to hold the support zone then it can bounce to the levels of around 15100-15300 where downward sloping trendline is lying. For educational purpose. @jagrut
Comments
Post a Comment