Dow Jones Chart is showing signs of Panic Selling and if not mistaken there is a Head And shoulder Pattern detected and possible breaking below 10000 support level
Observation
1) Trendline -Downtrend- (Bearish)
2) Formed lower high- (Bearish)
3) MACD -4G1R(Bearish)
4) RSI - Broke below 50% (Bearish) -
5) Sto - Formed Bullish Crossover and heading towards 20% (Bearish)
6) ADX - high momentum and Bearish( Bearish)
7) Candle Stick - Long Black Candle after a hanging man and shooting star (Bearish)
8) Chart Pattern - This shows a weak short term Head and Shoulder pattern which may lead to go down by another 550 points to 9651. Quite Scary if it break below the Psychological Support line at 10K.
8 Points
0 Points
Winner Bear ( Throw down wrestling style)
It has broken the 10818 Support line ( Head and shoulder pattern line) and potential heading south to 99500. Time to short if break below the next support line at 10576
It has broken the 10818 Support line ( Head and shoulder pattern line) and potential heading south to 99500. Time to short if break below the next support line at 10576
Resistance at 11895 and 12205
Support at 10576, 10365 and 10155
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