- Dow’s repeated failure to stay below 18,264 (23.6% of post Brexit low-high) coupled with hourly RSI rising from oversold territory suggests we could head back to 5-DMA level of 18,389-18,400 levels.
- Bearish invalidation is see only if prices break above the upper end of the falling channel noted on hourly chart.
- On the lower side, a day end closing below 18,264 would open doors for a slide to 50-DMA level of 18,037.
