Chart of the day: DJIA
|Dow Jones Industrial Average at support
An "Ascending Wedge" is ultimately a bearish reversal pattern, but that doesn't mean that today is the day it breaks. We are at support, and relative strength RSI is pointing lower, but the index may find support ahead of the CPI inflation data next week. The level to be watching is the resistance at the 35053 level, which is the 61.8% retracement that held the bounce a couple weeks back. And a decisive break of The August 25th low at 34025 would suggest a bearish breakdown for the index back below the 200dma.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.