10 May Dow Jones Technical Analysis- Shooting Star reversal

The Dow Jones dropped 0.17 % to 20,975.78 points on Tuesday trading session. Here, is the 10 May Dow Jones Technical Analysis for intraday trading.

09 May, AtoZForex – The Dow Jones Industrial Average dropped 0.17%, while the index falls 0.10%, and the NASDAQ Composite index surged 0.29%. U.S. equities show mixed results at the close on Tuesday, as the Consumer Services, Technology, and Healthcare sectors gained while the losses in the Utilities, Oil & Gas and Telecoms sectors led shares down.

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10 May Dow Jones Technical Analysis

The main trend of Dow is up according to the daily swing chart. A trade through 21010 will signal are a commencement of the uptrend. Taking out 20770 will change the main trend to down. On Tuesday, the market formed a potentially bearish closing price reversal top due to the formation of shooting star reversal pattern. This is an early indicant of a shift in momentum. A trade through 20900 will confirm the chart pattern.

10 May Dow Jones Technical Analysis charts; SMA20, SMA50, MACD(12,26,9) and RSI (14) (click to zoom-in)

Daily Forecast

Look for the upside bias on Dow to resume on a trade through 21010 levels. This top must be taken out with increasing volume or the breakout will fail. Taking it out than breaking back below will be another signal that the selling is greater than the buying at current price levels.

On the downside, a trade through 20900 will confirm the reversal top of Dow. This should lead to a quick move into the short-term at 20890 levels. We could see a downtrend if 20890 levels fail as support. The trend of Dow Jones will change to down on a move through 20765.

Pivot Point

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