Dow Jones US30 Chart Technical Outlook prime support is located at 44,354
Although we continue to trade close to the all-time high the daily chart shows spikes in both directions highlighting investor indecision at current levels. Price action has formed a bearish ascending wedge pattern. Trendline resistance is located at 45,616. On a break of trendline support, currently located at 43,920, the measured move targets 41,668.
We have a gap open from November 22 at 44,354. Bespoke support is located at 44,275.
Conclusion: there is no clear bias from current levels. I would look for rallies to be sold close to 45,616 and dips to be bought within the 44,354 to 44,275 range.
Resistance: 45,097 (all-time high), 45,616 (trend of higher highs), 46,000 (Big Figure)
Support: 44,354 (Gap), 44,275 (bespoke), 43,920 (trend of higher lows)
