DJII - Fibo 100% projection target 21927
Date: 26th February,2017 by Timothy Straiton
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Current level is 20821, having marked out 5 consecutive record weekly closes up to now. The 100% Fibonacci projection target based on the 14198 - 6469 range established between 2007 and 2009 comes in at 21927, a level which may well be reached sooner than one thinks. One should however bear in mind that the 14 week relative strength index is now residing at 79%, a level not seen since June 2007. In addition, the current price is 9.58% above its 40 week moving average, a level which has almost always provoked sharp sell-offs in the past. Should the
current positive economic expectations fail to materialize, expect a re-visit to the 40 week moving average, currently at 18826.
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.