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Dow Jones Formed A Bearish Wedge Formation

Burc Oran by Burc Oran
December 9, 2020
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technical analysis article on dow jones index
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Dow Jones Generic Active Contract Hourly Chart – ZScore (250)

Dow Jones formed a bearish wedge formation and testing the higher line. Also, the z-score is currently reversed from over the +2 standard deviation zone. The last two times when the z-score reverses near the +2 standard deviation, the price also turns to the downside from the higher line of the wedge pattern. 303015 resistance will be the key for the short-term. If the price continues to stay below this level, 29900 can be a good target.

Even if there are a lot of bearish signals we should not forget about incoming news from FED, ECB, Brexit, and EU Counsel. In the next two weeks, starting from tomorrow a lot of new information will be received. A break above 30315 may lead to rapid advances.

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Tags: Dow jonesIndicesNasdaqs&p 500Technical Analysis
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