Traders are cautious!
There's only 2 more trading days to end the monthly candle.
Can DJIA close below 12330?
Honestly, I prefer this scenario to happen!
DJIA has been trading near 12450 region and last night it traded to high of 12487, and closes back at this resistance 12453 with a small positive candle on Daily Chart.
As spoken last week, I am going to short at 12650, market never turn up, then I switched to 12488, but the market didn't make this happen for us too!
Again, during these last 2 trading days (Monday and Tuesday), I am going to keep my patience and be alert of the development of DJIA when it approach 12488 again!
Check again on weekly chart, DJIA has closed another bearish candle for this week, it is a very crucial week for the Dow, if resistance remain strong, we are going to see the downfall early of June, if the waterfall happens, we expect the market to find support near 12220, and 12000.
However, if Dow has successfully crossed above 12700, if the policy maker made some decision to stimulate the economy (again), I am gonna stay out, the market might go to 13000 and 13300.
Have a fruitful week ahead!
Related: Last Week's Forecast - DJIA on 23-May-2011
The market can test the top on the DJ, making a double top and you can get a nice down move.
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wow Julia, that means I shall not despair of missing 12650?
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looking forward to it!!!