Google Ad Choice

Sunday, January 30, 2011

Dow Jones deep dive and broke the support at 11896

This is what everybody is think.. What is going on with Dow Jones ??

It broke the resistance line 11896 and hoping it will break above the 12000 Physiological Resistance line and hoping for another bull run..

1) Trend line - Testing the Uptrend line ( Alert Level - Just hope on Monday it will re bounce back again)

2) HH - Retracing toward previous higher low at 11748. Break below this support level will be a negative impact

3) MACD - The blue line is kissing the red line and we got a 4G1R Bear Indicator on 27 Jan.
4) RSI - Broke below the 70% indicating bearish signal
5) ADX - Momentum it is still high and the blue line is retracing show slight bearish

Just do not do anything hasty to cut loss because this might be a normal retracement before going for another bull run.

Entry Price - Above 12019
Stop Loss - 11738 and next support is 11570
Take Profit = 12341

No comments:

Post a Comment