DJII - Upside target of 20100 in sight
Date: 7th January,2017 by Timothy Straiton
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The Dow closed the week at 19,963.80, having made a high of 19,999.63 just short of the psychological 20,000 mark. The 14 week relative strength index is now at 73%, a touch lower than the 75.50% peak made two weeks ago.
The Fibonacci 76.4% projection target of 20102, based on the 6469 -14198 range established between October 2007 and March 2009 which we forecast in our analysis on November 17th 2016 has almost been achieved. In light of the general positive sentiment currently in the market, a further run up to the Fibonacci 100% projection target
of 21927 is possible before greed fades to fear.
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.