Positive global cues - breakout in DJI

Nov 20, 2022

As seen in the weekly graph Dow Jones Industrial Average Index had given a breakout from the parallel channel( indicated in bluish color). Which is a downtrend that started at the beginning of this year(2022).

It could be observed from the graph that the index had given the breakout with a good real-body candle and had taken support at the parallel channel after the breakout.

*Adding to that, a slight RSI positive divergence could be observed( indicated as yellow circles).

*Also last week there is Doji formation in the weekly chart. Looks like the index is taking a rest and expecting the index to sustain above the 33200 level