December 28, 2012

Rising Wedge of DOW JONES

 
 
  • Dow Jones daily chart testing 200 Day SMA and crucial support level at 12977. Daily close below these levels could take Dow towards 50% Fib level as shown in 2nd chart.
  • A bigger fall looks likely if the pattern shown in last chart starts to perform. Two weekly candles before the current week candle tested the broken support line of the rising wedge and price failed to get back into the pattern, If price closes lower this week we may see the pattern taking effect again leading to bigger falls. 

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2 comments:

  1. UnknownDecember 28, 2012 at 10:47 AM

    San is dow in the making of right shoulder???? in third chart with wedge pattern...

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  2. SanDecember 28, 2012 at 10:57 AM

    @charan prasad
    Pattern you're talking about does not look perfect. But Weekly charts does look weak despite the up move toward's day's close.
    Bears need a daily close below 200 SMA.

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