Dow Industrials Hourly ChartDow 10000 has always been a bit of a magical number to the financial media and the casual investor.
From the point of view of the technical analyst, it is just another number like Dow 9253 is or Dow 10785.24, for that matter. But, on occasion, price levels that have previously had no significance whatsoever on the charts can provide resistance/support and/or get broken briefly, before a trend reversal occurs. It is uncanny, how psychological levels often act as such; as potential contrarion sell/buy signals, if you will.
Nevertheless, the motivation behind this posting is less about waxing philosophical about contrarionism and so on, than it is about a potential inverted head & shoulders formation (see head & shoulders bottom education article in 'The Study') on the hourly chart of the Dow Industrials. The formation happens to call for a move to ~10105, which of course would take the index across the psychological Dow 10000 mark, over the coming sessions, as long as...
Dow Set To Break Psychological 10000 Mark?
From the point of view of the technical analyst, it is just another number like Dow 9253 is or Dow 10785.24, for that matter. But, on occasion, price levels that have previously had no significance whatsoever on the charts can provide resistance/support and/or get broken briefly, before a trend reversal occurs. It is uncanny, how psychological levels often act as such; as potential contrarion sell/buy signals, if you will.
Nevertheless, the motivation behind this posting is less about waxing philosophical about contrarionism and so on, than it is about a potential inverted head & shoulders formation (see head & shoulders bottom education article in 'The Study') on the hourly chart of the Dow Industrials. The formation happens to call for a move to ~10105, which of course would take the index across the psychological Dow 10000 mark, over the coming sessions, as long as...
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