Technical outlook and chart setups:
The Dow Jones Index managed to closed above its support trendline last week after dropping to the 15,300.00 levels. Please note that the indix has produced a pin bar candlestick pattern on its weekly chart view, indicating a potential reversal. Furthermore, it could be the wave 4, bouncing at the trendline/channel support. It is hence recommended to initiate fresh long positions now, and also look to add on dips to 16,000.00 with risk below the 15,300.00 levels. Immediate support is seen at the 15,300.00 levels and lower while immediate resistance is seen at 17,500.00 and higher respectively.
Initiate fresh long positions, stop below 15,300.00, target is open.
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