More pain for Stock Indices – RSI Edge Analysis for DJIA
Dow Jones fell like there is no tomorrow and settled at 24610 after loosing 335 points on daily closing.
A head & shoulder continuing pattern was noticed on the hourly time frame, breaking away from the neckline. The target of the pattern settles at 23650.
Some pullback and re test of the neckline may be witnessed in today’s session. A continuation to downside after the neckline test will be re assertion of the trend down in the US index.
The RSI which depicts the momentum is not at all in any mood to lift bulls up as of now.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA