The Dow Jones faces a potential correction as a Rising Wedge formation develops near the 52,200 resistance level.
Our previous outlook for the Dow Jones is still valid while the market managed to test the resistance zone of 52000-200, which could lead to a potential Rising Wedge formation that can create a correction scenario.
Prices managed so far to drop towards the 51300 zone.
Above 52275, a chance for further advance toward 53000 is likely.
Intraday support is at 51300 with resistance at 51900.
SUPPORT | RESISTANCE | |
LEVEL1 | 51300 | 51900 |
LEVEL2 | 50800 | 52275 |
LEVEL3 | 50300 | 52600 |
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