November 9, 2010

DOW JONES with Broadening pattern

CHART-III
  • Broadening top gave a breakdown and the hourly support at 11362 too did not hold.
  • Hour chart has turned completely negative.
  • Only if price crosses 11362 bulls can regain the upward momentum.
CHART-II
  • Broadening top has given a breakdown.
  • More downside will be possible only if price stays below 11360 area.
CHART-I
  • Dow Jones hour candles are showing shadows on either side which is hinting at another big move.
  • Chart is also showing broadening top pattern.
  • Price continues to trade and close below 20 hour moving average.
  • We had an up move today which was sold off. Next attempt to stay above 20 hour moving average may be successful.

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