June 22, 2010

Dow jones and the fifty DMA

  • Yesterday dow faced big resistance in the form of 50 DMA.
  • Dow corrected more than 100 points yesterday after touching 50 DMA.
  • So this average will act as resistance for some time. If dow closes above it than 10730 will surely come.
  • But it seems its going to be a big fight near the 50 DMA.
  • On a closing basis 10390-10400 should give support but  the resistance above is too strong and Bulls need this range to be held for crossing the 50 DMA.

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