August 2, 2010

Dow Jones futures rising wedge

  • The index is testing the resistance line of the rising wedge.
  • Daily candle should break out and close above the resistance line for bullishness to continue.
  • Rising wedge of dow jones futures in 4 hour chart.
  • The pattern is approaching its apex. It will give a direction when the range 10360-10600 breaks. 
  • A good move on either direction is possible. But since it is a rising wedge a break out of 10600 should be traded with caution.
  • Break of 10360 should give a good selling opportunity for the bears. 

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