Technical Outlook DOW JONES 14.03.2017

Technical Outlook DOW JONES 14.03.2017

DOW JONES
Dow is holding within narrow range above 20800 handle ahead of tomorrow’s Fed policy decision that is expected to generate strong direction signals.
Action of past three days has been shaped in Doji candle, confirming indecision and muted trading ahead of key event of the month.
Overall structure remains bullish, as pullback from fresh record high at 21160 (posted on 01 Mar) found footstep at 20780, where rising 20SMA offered solid support and holding current consolidation for now.
However, conditions on weekly and monthly charts are strongly overbought that raises risk of stronger correction.
Loss of 20800 handle could trigger fresh acceleration towards next support at 20600 zone (Fibo 38.2% of 19713/21160 rally) and daily Kijun-sen (20558) that mark next triggers.
On the other side, sustained break above daily Tenkan-sen (currently at 20995) that caps near-term consolidation would generate bullish signal and expose 21160 top.

Res: 20900; 20955; 21015; 21071
Sup: 20830; 20780; 20695; 20600