Dow Jones 30 forecast for the week of January 23, 2017, Technical Analysis

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Updated: Jan 21, 2017, 07:47 UTC

The Dow Jones 30 initially fell during the week, but found enough support to turn around and formed a hammer. The hammer suggests that we are going to

Dow Jones 30 weekly chart, January 23, 2016

The Dow Jones 30 initially fell during the week, but found enough support to turn around and formed a hammer. The hammer suggests that we are going to continue to see buyers every time we did, and I think that given enough time we will breakout above the 20,000 level. Once we get above there, the market should continue to grind it to the upside for the longer-term move. Pullbacks aren’t selling opportunities, they just offer value for what will be an explosive move to the upside. After the impulsive move of the last couple of months, it makes sense that we are grinding sideways to build up that momentum.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.