April 30, 2009
Dow Jones Showing Signs Of Weakness
By Planet Wealth
Over the past weeks the Dow Jones (DJI) has been rallying but showing signs of weakness. Last night was another strong bullish up day but does that mean it is breaking up again?
Not yet! When looking at the daily chart the weakening of the rally can be seen as the DJI consolidates under 8200. Though yesterday was a rally, and it did go out past the current 6 month channel, you can clearly see it failed to close above. This means the channel and resistance at 8200 is still valid and holding it down. Over all the probabilities are still in favour of a strong pull back to come.
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Topics: trading patterns, trading tips | No Comments »
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