The ETF for Dow Jones Transportation has been in an uptrend since November 2012 and in an uptrend channel since March 2013 and is currently testing the extreme of the channel resistance trendline accompanied by a measured move extension Fibonacci level at 147.14.
The day chart is the visual of this confluence resistance test and the upside red dot implies that the most recent impulsive move from the downside green dot at 134.45, has completed. And if we factor in the fact that there are two means of resistance that merge at 147.14, it increases the probability of a stall or pull back into support.
Categories
Get A Quote Today!
Great commercial truck lending rates
* On approved credit
