Binary options on Dow Jones rises some 0.47% on Wednesday’s session with closing underlying asset prices at 12’676.05. Binary brokers received mixed orders from traders amid fresh speculation that the Federal Reserve may implement further easing measures, while concerns over the debt crisis in the euro zone continued to weigh. The Dow Jones is currently trading in a tight range and some small upside move could be seen over the next session.
Since late June binary traders have been buyers of binary calls options on the index and pushed prices over the 38.2% Fibonacci retracement. Currently the index is running inside a tight range canal which could suggest that binary traders could see a big move in the medium term. For the time being after touching the support situated at 12’552.00, the index could continue its small upward correction for a test to 12’707.78 first minor resistance.. A break of those levels could accelerate the upside move to 12’775.12 for a test fo the major resistance. On the downside view at break of the first minor support situated at 12’618.53 could push prices over the main support situated at 12’553.07.
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.