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Wednesday, August 10, 2011

Dow Jones going down like crazy


Well the Dow Jones started to retrace downwards after forming double peak and broke down the uptrend line and free fall and broke many support


Observation
1) Trendline - Downtrend- (Bearish)
2) Formed lower low - (Bearish)
3) MACD - Broke below 0 (Bearish)
4) RSI - Broke below 30% (Bearish)
5) Sto - Formed Bearish Crossover and broke below 20% (Bearish)
6) ADX - high momentum and Bearish( Bearish)
7) Candle Stick -2 Black Candle (Bearish)
8) Global Sentiment - S&P got downgrade ( Bearish)



8 Points







       0 Points



 
Conclusion
Winner Bear ( Throw down wrestling style)

After S&P got downgraded and it started to cause global market to drop more than 6%
Entry Price 11000
Resistance at 11430
Support a 10710, 10515 and 10320
 
 
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1 comment:

  1. the cow look happy although got 0 point

    ReplyDelete

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