Dow Jones (INDU) Down 0.38%, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for INDU

Last Updated February 19, 2021, 23:18 GMT

At the time of this writing, Dow Jones’s price is down -4.01 (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Dow Jones has now gone down 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Dow Jones. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. Of note is that the 20 hour changed directions on INDU; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Dow Jones Daily Price Recap

Dow Jones’s 3 day positive streak has officially concluded, as the candle from the previous day closed down 0.38% (119.68). Relative to other instruments in the equity indices asset class, Dow Jones ranked 5th since the previous day in terms of percentage price change. The daily price chart of Dow Jones below illustrates.

INDU

Dow Jones Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days Dow Jones’s price has gone up 10 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.