Dow Jones Industrial Average (DJIA) – Let’s look at the index’s key support and resistance analysis for the week of August, 23rd, 2019 using the weekly chart.
2. The support resides around 25,223 which is the 5/17 weekending low.
3. The resistance hover around 26,689 which 5/3 weekending high.
4. The index lives well below the 50 day moving average which is a key weakness.
5. However, the index barley found support at the 200 day moving average which is consider a long term support line.
6. The overall trading volume appears to be came in low for the week, if so, the sell off is not that widespread.
Over all the index ended the week with heavy loss, but the weekly volume appears to came in lower than below average. It will be interesting to see whether the index holds above the key 200 DMA line next week.
