Saturday, July 28, 2007

Support that Dow can find

Dow closed badly on friday with very heavy volume. I believe Dow will find support near the 100d EMA and the 200d MA due to a confluence of technical indicators appearing near there.

100d EMA:

1. 13527 was tested a few times in the previous few weeks and acted as a good support
2. The region of 13530 coincide with a fibbo retracement of 38.2%
3. 100d EMA appearing near that region too

200d EMA:

1. 132740 coincides with a fibbo retracement of 61.8%
2. 200d EMA appearing near that region

0 comments: