Technical Pulse: SPDR Dow Jones Industrial Average ETF September 16, 2021 713

SPDR Dow Jones Industrial Average ETF (US: DIA) price action and technical indicate a possible return to the upside testing the all-time high resistance:

 

  1. There is a potential bullish flag in place recently and this indicate a possible bullish continuation pattern.
  2. Tweezer bottom was formed yesterday with a minor RSI bullish divergence, an indication of a possible short-term upside.
  3. Looking at the RSI, it’s momentum has successfully sustain above 40 support line.
  4. Do take note that there still exist a bearish sell down further and should it break below US$344.00, then there is a chance it might goes to support zone 1.

 

 

*Expected timeline of the trade is 15 weeks from the date of report issuance.

 

CHART LEGEND

 

Moving Average

Red dotted line = 200 Periods MA

Blue dotted line = 63 Periods MA

Green dotted line = 22 Periods MA

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