June 11, 2010

Dow jones end of day analysis


  • As you can see from the above charts today was a bullish day.
  • The first chart shows the price reversing from a falling wedge pattern. Targeting 10400 and above
  • The second is the weekly chart. If this week closes above 10200 Then the weekly chart will also become slightly bullish.
  • But the third chart shows were bears might come in. The price has managed to close above the 10 day SMA. But stopped short of the 20 day SMA. 
  • And remember the price the 10 day moving average, the 20 day moving average everything is below the 200 day moving average.
  • So this reaction might be a retracement towards the 200 day moving average before falling deep.

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