Combining S/R Levels with Technical Analysis: DIA Case Study
Combining S/R Levels with Technical Analysis: $SPDR Dow Jones Industrial Average ETF Trust(DIA)$ Case Study
For this ETF that mirrors the Dow Jones, the defining line in the sand is $432.4.
Continued trading above this level supports a bullish push towards the $445.1 target, unless $441.4 sets resistance as a monthly level considering the bullish overextension that is due for a pullback.
The levels presented at the top right of the chart are a segment of the ones presented below. The latest candle completely above the Bollinger band is a bearish reversal sign as highlighted.
A failure to hold $432.4 would likely lead to a bearish move down to $425.1 as weekly support. The overextended levels are in the chart:
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