November 20, 2010

DOW JONES DAILY CHART WITH 20 DMA
DOW JONES DAILY CHART WITH GOLDEN CROSS
  • Dow Jones closed the day below its 20 DMA. 
  • The candlestick for the day is a bullish hammer which shows buying at lower levels.
  • Up trend may not resume if price gets resisted by 20 DMA.
  • 50 DMA gave good support for the index. This can extend the effect of golden cross. But if 50 DMA gets broken price will test 200 DMA.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore