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Trading Dow Jones with RSI Edge.

The weekly RSI have face resistance at bullish extreme and turned down, a hanging man candle (formed last week) is now confirmed by a bear engulfing. Any move up will be a correction on the upside, any rise may be utilized as a opportunity to sell. The final RSI target of the Dow is at 22300 – 22050 levels. A weekly close below 24160 will make bears aggressive.

On the hourly charts the index is set to pull back. After a 3 period RSI divergence, the prices rebounded quickly to 24578 (highs). This divergence can pullback the index to 24920 – 25050 levels. These levels will further act as resistance.

 

 

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