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Dow Jones Transport

22 Jul 2021 ‚óŹ 03:13 AM

Dow Jones Transport (DJT) retraced 50% of Wave III and has seen a sharp reversal thereafter. In yesterday's session, DJT tested the 20DMA and the upper end of the falling channel and closed over there. If DJT surpasses this hurdle, it can also face some resistance at the 40 DEMA which is currently pegged at 14912. However, once that is cleared, the bulls should possibly take charge and with Wave V unfolding, DJT can re-tested the May 2021 high of 16170. Positive divergence is visible on the daily momentum indicator and it is now on the verge of turning bullish. On the way down, the swing low of 14080 will act as a major support level in the forthcoming trading sessions.

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