- Dow closing the hour and sustaining below 38.2% Fib level will push it towards 50% Fib level.
- Price staying below 200 Hour moving average will favor bears.
- Price has broken the trend line in hour chart next important support is at 12296 levels.
- DOW JONES PAUSING NEAR RESISTANCE LEVEL
July 27, 2011
- We saw a double bearish engulfing yesterday But price remains inside the range. Going up and down in between 50 and 200 DMA.
- Price closing below 5 Day Low Ema is being used as a buying opportunity because of the range. So one can wait till price breaks 50 Day Moving Average.
- Range 5496 - 5740
- Day Low EMA @ 5570
- 50 DMA @ 5515
- FLAG OF GOLD
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.