November 7, 2012

DOW Jones Chart analysis

  • Dow Jones Did not break below 38.2% Following the Bearish engulfing pattern instead price is back near 23.6% Fib level.
  • Daily chart is testing 20 and 50 Day Moving averages.
  • Price is also close to a crucial support resistance zone between 13280 - 13340. 

4 comments:

  1. Hi San,

    Holding my Ford longs and initiated AAPL shorts today. Historically, mostly the day after election has been bearish. And Thursday of election week has seen big rallies.

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  2. Btw, irrespective of the party getting elected, the day after pooling has been bearish. Add to that the technical resistance and 23.6% level.

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  3. Thanks for the comments Sandeep

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  4. You are welcome San!

    Appl shorts on rise (3,10,16 MACD crossover) have worked well consistently. This morning, I averaged some more of my yesterday's shorts and hope to book profit between 560-550(555) levels.

    Until we don't break the H&S pattern of Dow/S&P, I expect week and Nov month to be positive starting from tomorrow!

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