DJIA forecast for week starting 30 Jul 2012
I returned from a dance workshop this evening, learning from two gurus from the middle eastern dance – rhythms and culture and the combinations.
I was a fun weekend, and I was trying to run Broco (MT4) on my system but unable to run may be due to system error. I am using the chart from my broker so I avoid quoting the levels to avoid confusion.
Last week we have a roller coaster ride, lower than expectation new home sales and pending home sales, amid from the lousy company earnings report, and low consumer confidence, announcement from ECB has lifted market confidence and Dow, crossed above 13000 first time since May 2012.
Next week market focuses on the meeting between ECB an US Federal Reserve.
Technically from Daily chart, DJIA has posted a breakout and as per last week’s posting, once DJIA break above 13000, we are expecting the rise to continue up to 13300-350.
Check last week’s daily chart to get an idea of this breakout (BKO) from the ascending triangle.
Hunt for long at initial shadow on Monday. Target exit EOD or the above level 13300-350 pts.