Monday, May 21, 2012

DJIA and Nasdaq 100

DJIA and Nasdaq 100 for the week starting 21st May 2012


DJIA closed at 12369.38 pts, down 73.11 pts or 0.59% last Friday.
Worst performing week, since last November - DJIA was down 3.5% for the week.

If we plot a downward channel, market has fallen towards the bottom support line, we forecast market to come up to the upper channel (resistance) 12430, before another leg down of 150 pts - 12280 or 12250.

DJIA 30 mins chart:

Nasdaq 100

Similar to Dow, there is only more DOWN..
Next support 2440 pts.

We expect a technical rebound as the market is oversold but resistance shall be capped at 2517-2520 pts.

Hunt for short near resistance 2517-2520, SL 2530 (1/3 retracement)
Target Exit:
TG1: 2480,
TG2: 2440.

No comments:

Post a Comment