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Thursday, June 16, 2011

Dow Jones testing the support level at 11875!! scary roller coaster ride..

1) Trendline - Downtrend - Bearish
2) Formed lower low- Bearish
3) MACD - breach below 0 and bearish
4) RSI - Broke below 30% ( Bearish)
5) Sto - bearish crossover and broke below 20% ( Bearish)
6) ADX - high momentum and bearish ( Free Fall ??)
7) Candle Stick - Black Candle ( Bearish)

Now it is touching the support with strong momentum. WIll Dow Jones prevail and rebound. What will happen if it break the support. For sure better follow the take profit/cut lose rules especially those who are investing in USA because this could be a scary roller coaster ride..

Resistance at 12085 ( New Resistance)
New Support at 11857 ( Already broken the previous support 12085 which i mention last June 6) and next support will be 11705

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