Dow Jones 30 Forecast January 16, 2017, Technical Analysis

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Updated: Jan 16, 2017, 07:07 GMT+00:00

The Dow Jones 30 tried to rally on Friday, but continues to find the 20,000 level to be far too resistive to overcome. However, I think we will break

Dow Jones 30 daily chart, January 16, 2016

The Dow Jones 30 tried to rally on Friday, but continues to find the 20,000 level to be far too resistive to overcome. However, I think we will break above there given enough time, especially considering that the other US indices look ready to break out for significant moves, with the NASDAQ 100 already doing so. Because of this, when we pullback in the Dow Jones 30, I believe going long is the only thing that we can do, and thus I’m waiting for signs of support or a bounce on short-term charts to go long, and willing to hang onto the position once we break above 20,000.

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About the Author

Christopher Lewisauthor

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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