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- 9/22/2023 -
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Dow Jones (^DJI) Technical Analysis
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|It was the negative week for the Dow Jones (^DJI). During the week, the ^DJI dropped -654.40 points, or -1.89%, and closed at 33963.84 on Friday, September 22, 2023. Weekly volume was -13% below average. |
Long-term trend: [See ^DJI long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 28660.94 and reached 35679.13 on August 1, 2023. ^DJI gained -7018.19 points, or -24.49%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 34741.87 and resistance is at 33833.66. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
Medium-term trend: [See ^DJI medium-term trend chart]
A medium-term uptrend had started on March 15, 2023 at 31429.82 and reached 35679.13 on August 1, 2023. ^DJI gained -4249.31 points, or -13.52%, in 19 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (34452.88) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. ^DJI may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
Weekly Technical Indicators: [See ^DJI weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since September 8, 2023. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.
Short-term trend: [See ^DJI short-term trend chart]
A short-term downtrend had started on August 31, 2023 at 35070.21 and reached 33947.24 on September 22, 2023. ^DJI lost 1122.97 points, or 3.20%, in 22 days. Price is near the trend low.
Daily Technical Indicators: [See ^DJI daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. The distance between the Bollinger Bands is falling, and it was 2.79% on Friday. It is 52.59% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.