Dow Jones 2015-05-18

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Dow Jones: 18199

Equity on a bigger ranging phase

On the longer-term as long as market trading higher than 17,000 us dollar for the index ;then it is an buy opportunity to target $20,000. . However , on the chart we can see the market trading within the channel ; which means 80% of the attempt to breakout that channel would be failed .However , in case market successfully broke one of the bands of that channel we would see further movement aggressively on the breakout direction.

short-run ;

Market on short-term is in a correction phase would target 16820in case is traded below 17500 , while in case market continued its upswing and crossed 18320 then our longer-term target of 20,000 would be most probable. Moreover , the range which the market trading inside it would be also continue till a successful break of 18320 or 17000 and the breakout direction would push the market further on new levels on the mid-term point of view.

So market will be ranging with up slope until 18,200 penetrated then 18,500 would be the coming target (Higher probability scenario )

Daily Trend: UP
Weekly Trend: Up

  Support Resistence
Level 1 17950 18250
Level 2 17650 18320
Level 3 17500 18500

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