Saturday, October 29, 2011

DJIA and Nasdaq 100

G20 meeting has finally came out with a mutual agreement in view to "cool down" the Euro-Zone Debt Crisis.

DJIA has risen ahead of the announcement, and last Friday we finally see the bull slow down closed the week at 12231.10.

Weekly Chart: Bullish
Daily Chart: The bull shows fatigue with a reduced day range in line with the concern over Europe Concern.
Intraday: 30 minutes chart is showing a divergence which suggest a temporary retracement.

I am still bullish on Dow, after the retracement, market may resume uptrend and looking at next target 12450 and ultimate 12750 in early November.

From 30 minutes chart, it has hit 2L in line with a stochastic divergence, therefore I forecast market to do a slight retreat back to current support 11950.
In the event market falls below 11800 then I might have a second thought of the continuity of the uptrend.

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