DJIA Technical Analysis 07 Dec

Currently, DJIA seems to be forming a support base at around the level of 8100. Some technical analysts are interpreting the current DJIA chart as an inverse head & shoulders formation forming. I am interpreting it as a simple horizontal support at 8100. There was a false breakout to the downside on the 21st and 22nd of November before DJIA rallied back to the support level of around 8100. Due to this failure of the DJIA to breakout to the downside, I am tilting towards the view that DJIA is currently consolidating now for a move towards the upside in my opinion.