July 23, 2010

Dow Jones analysis after closing bell

  • Dow Jones closed up 201.77 points 1.99%
  • Three possibilities of Dow Jones.
  • First one is  a W formation in line chart of daily time frame. this will be confirmed with a move above 10380-10400 and a close above this range can push the index above 10600 levels.
  • The second possibility is the index getting resisted at the 200 DMA. My personal preference too is this one Dow forming an "M" after hitting the 200 DMA and going below 1000.   
  • The other possibility is a neutral range play for some time because of the lack of clear trend, Dow can remain in a range of 10000-10400 for some time.

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