Dow Jones Prediction:
Where will Dow Jones be in next week?
Dow Jones Prediction Next Week 2 - 6 Oct 2023 | Detailed Expert Analysis
1. Dow Jones Index Price Levels
All-time high: 36,952.65, 52-week high: 35,679.13, 52-week low: 28,660.94
Dow Jones This Week Opening and Closing, Weekly High, Weekly Low (2 - 6 Oct 2023)
Week Opening on Monday: 34,876.24Week Closing on Friday: 33,507.51
This Week High: 34,979.18
This Week Low: 33,306.30
Weekly Candlestick type formed: A red candle with short wicks on both sides. Fourth weekly red candle on the trot.
Dow Jones Weekly Chart Support and Resistance Levels
Support 1: 33,000Support 2: 32,600
Support 3: 31,500
Resistance 1: 34,000
Resistance 2: 35,000
Resistance 1: 35,650
2. Dow Jones Weekly Candlestick Chart Analysis For Next Week
Dow Jones Daily Candlestick Chart Technical Analysis
In the daily chart, the most recent candle Dow Jones has formed is a bearish engulfing candle, indicating a continuation of the downward price movement.
There is a formation of a head and shoulder pattern and the Dow Jones price has broken the neckline of the H&S pattern and the price appears to be retesting the neckline before heading downwards. The 33,000 levels should act as a support, and if broken, 32,600 is the next support in the daily time frame.
The RSI(14) is hovering at 30 in the daily charts.
Dow Jones Weekly Candlestick Chart Technical Analysis
In the weekly chart, Dow Jones has made a fourth consecutive bearish candle. Dow Jones has been making higher lows since 3 Oct 2022, and if Dow Jones can reverse from current levels or from 33,000, it would still continue to make higher lows. If Dow Jones choses to reverse from current levels then 34,000 would act as an immediate resistance.
When it comes to support, 33,000 will act as an immediate support, and if 33,000 is broken, then 32,600 and 31,500 will act as supports. There is an inverse head and shoulder pattern in the weekly chart of DJI, which is a bullish pattern. Dow Jones price movement broke the neckline of the inverse H&S pattern, which is at the levels of 34,500, on 17 July 2023. But, the breakout didn't actually workout as Dow Jones cameback significantly below 34,500 in the next few weeks. However, the inverse H&S is still in play and for this pattern to be invalidated, Dow Jones must give a weekly closing significatly below 31,500.
The RSI 14 is at 44 in the weekly chart.
Dow Jones Monthly Candlestick Chart Technical Analysis
In the monthly chart, there is formation of a large bearish candle which is larger than the previous month's bearish candle. The wicks of the candle are small, and the selling pressure was constant throught the month of September without any large bouncebacks.
Also, in the monthly chart, the price has formed a lower-high, which also might be indicating towards a long-term bearish price movement. If Dow Jones can reverse from 32,600 levels then there are chances that it might go higher than the recent swing high. If Dow Jones breaks the support of 32,600, then we may get to see 31,500 in the coming months.
The RSI 14 in monthly chart is at 51.
3. Dow Jones Prediction For Next Week
Dow Jones Forecast Summary
While the Dow Jones weekly chart actually looks better when compared to Nasdaq 100 ans S&P 500, the bearishness may continue in the next week or Dow Jones may go sideways or show a bounceback this week after 4 consecutive weeks of bearishness.
ALSO SEE - Nasdaq 100 Prediction
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DO NOT COPY REPUBLISH OR REPRODUCE THIS ARTICLE. The text in this article is protected under Indian Copyright Act, 1957 and Digital Millennium Copyright Act (DMCA).
Copyright © NiftyPredictions.com | All Rights Reserved.
