Medium term uptrend on Dow Jonesdowjones

18 May 2018

The index is on a symmetrical Channel Up on 4H (RSI = 55.713, MACD = 53.000). Given the overbought levels on both 5H & 1D (STOCH, STOCHRSI, Williams), I expect a pull back to 24,582 before reaching 24,996.70 again and 25,226.56 towards the end of the month. With a Higher High on 1D (Highs/Lows = 152.8571), I believe the long term downtrend came to an end. However, if 24,541.60 (EMA20/50) breaks, then the index will look for support at 24,035.92 (SMA200).