Google Ad Choice

Thursday, June 16, 2011

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



Observation
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)

Conclusion
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


No comments:

Post a Comment

NUFFNANG ADS