Dow Jones: Bullish MACD but top may be near.
DJI is extending the 1D Channel Up (RSI = 60.150, MACD = 193.000, ADX = 15.316, Highs/Lows = 339.6071) after the MACD turned bullish following the January 31st bottom. However as the overall bullish pattern is the 1W Channel Up that started in July 2019, is near its Higher High trend line again, there is a high chance of a pull back.
Last time the 1D MACD turned bullish above the 0.000 mark, Dow peaked at +6%. We are close to that level (29,850) now, so a pull back towards the 1D MA50 (blue trend line) is realistic. If however the index follows the MACD bullish reversal patterns made below the 0.000 mark, then the extension can go as high as +8% (roughly 30,500) before the pull back to the MA50.
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Last time the 1D MACD turned bullish above the 0.000 mark, Dow peaked at +6%. We are close to that level (29,850) now, so a pull back towards the 1D MA50 (blue trend line) is realistic. If however the index follows the MACD bullish reversal patterns made below the 0.000 mark, then the extension can go as high as +8% (roughly 30,500) before the pull back to the MA50.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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