Today we'll analyze the Index ^DJI for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 12,694.28$ (02/27/08) to 11,740.15$ (03/10/08) a 954.13$ move
2- The current bullish trend started from 11,740.15$ at 03/10/08 and is currently trading at 12,145.74$.
3- The stock current support level is at 12,104.63 which is the 38.20% fibonacci retracement of the last 954.13$ move.
4- The stock current resistance level is at 12,217.21 which is the 50.00% fibonacci retracement of the last 954.13$ move.
5- The Index formed Double Top Pattern at 12694.3.
6- According to ADX, the trend is currently bearish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Conclusion:
^DJI is currently trading a bearish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
.
Resistance Levels: 12,217.21, 12,329.80, 12,662.63, 12,691.40, 12,694.28, 12,953.80, 13,283.93.
Support Levels: 12,104.63, 12,050.02, 11,990.80, 11,965.33, 11,942.95, 11,895.09, 11,740.15, 11,740.15.
We Moved!!
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Friday, March 14, 2008
Dow Jones Index Technical Analysis
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Shadi
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