INDU Dow Industrials Daily Chart 62% Fibonacci Retracement

INDU Dow Industrials daily chart received the negative divergence spank down a week ago. Rising wedge and overbot conditions also helped to push it over the hill. From the 12K intraday bottom, the Dow has now retraced to the 62% Fib in this 12226-12235 area. Interestingly, the largest volume candle recently shares this 12230 level as well. This 12230 level is also sturdy horizontal resistance as evidenced by the action a couple weeks ago.

Thus, this level, 12230, is a pivot area. If she plans on going down this is a level that would occur from. The retracement of half the price fall is not enjoyed by the indicators such as stochastics so this favors the Fib spank down for the bears. 20 MA at 12175 provides near term support. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.