SimpleFX DJI30 Chart Analysis: October 11, 2019

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We see that the price moves within the yellow ascending and green descending channels. Not so long ago there was a rebound from the upper green bound, after which the market pushed off from the lower yellow wall. It is not yet clear which channel has a stronger impact on price behavior. If the price movement is affected by the yellow channel, in the near future we will see the market growth in the direction of the upper green bound, then the bulls will break through the resistance level of 27323, after which the price will open the way to the level of 27859, which is on the upper yellow bound. However, if it is a green channel, we can see a decline to the level of 25913 and its breakdown. In this case, the market will continue to move to the lower green wall and the support level of 24936.

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