Intraday analysis of Dow

Ever since I washed my hands off warrants, I seldom do on the spot technical training since. Time to try it :)



Above shows the TA intraday chart for Dow. Let's make some analysis.

It shows a descending triangle, accompanied by decreasing volume (slightly). It's a bearish formation, with lower highs and almost the same lows. The two converging trendlines will meet somewhere before 2pm. But then, we should see 2 possible scenarios:

1. The price break above the top resistance trendline, and the bearish descending triangle formation is negated. Must be accompanied by volume surge when it breaks out, otherwise might be a false break. Quite unlikely to be scenario 1.

2. The price break below the bottom support trendline, and the bearish descending triangle outcome is realised. If accompanied by volume surge when it breaks out on the downside, it'll go down much lower until another trend sets in. This scenario is more likely given the probability of a downside due to this bearish formation.

Might see a decision soon :) I'll do a closing analysis of this to review my technical analysis on Dow.