Dow Futures: Weekly Price Action & Technical Analysis as on 27-NOV-2016

After a narrow range week, the market renewed the thrust up, printing a strong bullish week with no Daily exception.

Interestingly, the market skipped the important resistance above is the 19080-19100 level area, (19087 is the 161.8% extension of the bearish market of 2007-2009, but we are currently still in that area, and of course the scale for a reaction of an extension to a bearish market is not an issue of a single day nor a single week.

 We are currently very closed to the near target of 19200, created from a previous Weekly 1:1 signal, and the signal made by the rejection of the bearish sentiment right after the elections three weeks ago, as well.

The Weekly chart shows a considerable bullish momentum , penetrating deeply the upper Bollinger band. The Monthly bar has already penetrated its  upper Bollinger band as well.

In such case there are more chances to see in the coming week a thrust up to the target and a basically sideways action for the most of the week.

 

Dow Futures, Weekly and Semiannual charts (at the courtesy of prorealtime.com)

Dow Futures, Weekly and Semiannual charts (at the courtesy of prorealtime.com)

 

 

Disclaimer: Anyone who takes action by this article does it at his own risk and understanding, and the writer won’t have any liability for any damages caused by this action.

Gil Ecker

[email protected]

Market Analyst and trader

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