Dow Jones – bulls approach all-time high at 22131; further advance seen on break

Slobodan Drvenica Windsor Brokers

DOW JONES

Dow Jones future contract for September delivery remains well supported and extends strong rally from Monday (up 0.90% for the day), approaching key barrier at 22131 (record high posted on 08 Aug).
The contract is about to complete corrective phase from 22131 to 21580 (08/21 Aug pullback) and resume broader uptrend.
Fresh bullish sentiment on fading concerns over North Korea and impact of Hurricane Irma on the US economy boosts the price strongly. Eventual break above 22131 pivot would commence fresh bullish phase and expose Fibo projections at 22261 (123.6%) and 22341 (138.2%). Initial support lies at 22054 session low, followed by round-figure 22000 support, also broken bear-trendline from 22131 peak.

Res: 22131; 22200; 22261; 22341
Sup: 22054; 22000; 21910; 21856

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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