DJIA for Week starting 30 Apr 2012
Early of last week, DJIA tested support 12880 and further dip to 12850 which signifies weakening of market sentiments, at first, we thought market could continue to dip down to 12750 but, market reverses and continue to surge to our target price during remaining of the week.
Resistance: 13280 – 13300
We reckon the top resistance is strong and DJIA could be temporarily supported at 13150.
If DJIA manages to break above 13300, then it could drive all the way up to 13450 which is also the wave target price if we mark April 2012 low as X and 12845 on 13/4/12 as B.
Hunt for long when market retrace to 1/3 near 13150 region.
Abandon Long if DJIA traded below 13050 strong support.