DJI Retest of downside likely
DJI pierced a support line that had been respected all of 2018. The current weekly candle could be closed above or below the .5 fibonacci depending on the mood after the midterms.
RSI has made a lower bottom and is likely to confirm a higher bottom first if bullish continuation above the blue resistance line is the case.
A weekly close above .5 fibonacci will also mean a close above the bolling center and a steady trend above all three 50-100-200 MA's.
However, the speed of the past months downward price action and the piercing of a strong support suggests that ranging price between .236 and .5 fibonacci levels as well as a confirmation of the blue support line is more likely.
RSI has made a lower bottom and is likely to confirm a higher bottom first if bullish continuation above the blue resistance line is the case.
A weekly close above .5 fibonacci will also mean a close above the bolling center and a steady trend above all three 50-100-200 MA's.
However, the speed of the past months downward price action and the piercing of a strong support suggests that ranging price between .236 and .5 fibonacci levels as well as a confirmation of the blue support line is more likely.
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