Dow Jones New Yearly High Coming Soon

If we look at the Dow Jones Daily Chart we can clearly see that Dow Jones has strong support zone between 17,340 – 17,500. The first price support can be seen in Mid March 2016.

Then another one during last days of March 2016.

Third instance is mid-May 2016.

The latest bounce came on June 16, 2016 from 17,471 level.

If the market keeps bouncing three or more times from the same price zone, chances are the support will hold and market will move up.

This means we will see strong bounce upward in this week.

I expect new yearly high in Dow Jones by July 4th holiday week.

Dow Jones closed at 17,675 on Friday (June 17th) and made high of 18,167 on April 20th, 2016.

 

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