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Dow Jones Industrial Average (DJIA) – Let’s look at the index’s key support and resistance analysis for the week of November, 15, 2019, using the weekly chart.
2. As the index posted solid over 1% gains and closed strong for the week, the support is moved to 27,399 which is the 7/19 weekending high.
3. As the index made new high, it will be meaningless to set any arbitrary resistance levels.
4. The index continues to trade well above the long and short terms 200 & 50 day moving average support levels.
5. The volume still came in little lower for the week, but still at above average level.
Over all the index not only made a new high, but held on to most of the gains. It also closed at the top end of the closing range. The volume also came in at decent levels for the week, as well.
The NASDAQ and S&P 500 also made nice gains for the week and closed in green for more than 6 or 7 weeks continuously, now.
Mega cap growth stock found their footing and made solid gains for the week. Other growth stocks also made nice gains for the week, as well.
So, the line of least resistance remains upward and let’s see the index continues this strong rally. Will it?
Around 89+ stocks posting over 5% gains in the Top Gainers – Growth Stocks Picks, as of this week.
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