DJII - Further upside potential to 20100
Date: 17th November,2016 by Timothy Straiton
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Current level at the time of writing is 18868, trading above the rising 40 week moving average of 17951 and also above the monthly pivot level of 18173.
While the 8 year bull cycle in stocks may well be drawing to a close, we may well see further upside targets taken out. In particular we focus our attention on the Fibonacci upside projection levels at 18974 and thereafter at 20102. These levels correspond to the Fibonacci 61.8% and 76.4% upside projection points based on the 14198 - 6469 range made between October 2007 and March 2009. The 14 week relative strength index is currently in a rising channel formation which suggests further short-term upside potential ahead.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.