Dow Jones bounced off it's channel resistance yesterday night. This means that the rebound is only a technical rebound and not the start of a bull run. Next possible action is that the Dow will head back towards the channel support. Since Dow closed badly, i believe STI should also rebound off it's channel resistance today.
It feel almost eerie that the simple concept of trendlines work so well at times. I drew the blue line connecting the previous 2 tops of this current downtrend. It's such a strange thing that the Dow Jone rebounded off this line after it touches it as if that Uncle Dow knows that it must rebound off this line dat i have drawn :p
Dow Jones Industrial Average:
Thursday, November 15, 2007
End of technical rebound
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