DJIA – Bulls watch out for weak closing

20 thg 4, 2016

Daily Chart

Formation – Possible bearish price-RSI divergence

Resistance – 18,137, 18,188, 18288

Support – 17,977, 17,914, 17,796

• A tinge of risk-off was seen in Europe, courtesy of oil price drop. Though oil has recovered there exists a risk-off fresh drop in case US government data shows a big build up in weekly inventory.
  

• In such a case, the stock markets could follow oil lower and suffer weak closing.
  

• That will confirm a bearish Price-RSI divergence on DJIA daily chart; something equity bulls need to watch out for.