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