DJIA VIX
VXD
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Type: Indices
Ticker: VXD
ISIN: VXD

DJIA VIX - Dow Jones is Moving in a Rising Channel - 08/29/2016 (GMT)

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  • Timeframe : Daily

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The U.S. Dow Jones index pair remains stuck in a range between the 18189 support level and the 18667 barrier. Last week we saw a break attempt on the downside but it failed, highlighting the fact that the markets are really lacking direction over the last few weeks.

The fact that the price is struggling in that range can be read in two ways. Either we are seeing a pattern structure (rising channel) on the daily chart ahead of a continuation of the uptrend or the bulls have lost momentum and the bears are back in the game. I think that first one is true, although I would like to see more confirmation on this. Therefore, a break above the key resistance level and all-time-high of 1866 will add further pressure on the shorts and will open the way for new highs. If, on the other hand, it breaks below the 18189 barrier, should open the way towards the 17700, where it coincides with the 200-SMA, as well as with the rising line.
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