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Dow Jones Industrial Average: Hitting higher ground
The path is still clear. During the previous week, the Dow Jones Industrial Average (INDU Index) managed to record a new 52-week high while increasing 1.1%. For the present week, our bullish forecast still stays by virtue of the positive signal emitted from the MACD chart. Additionally, the current Wave 5 is also poised to push the index up to higher ground. Key barriers worth noting. Our previous resistance barrier at 10,729 has been broken above and current resistance now lies at the 11,168 mark as represented by the trend high during late Sep 08. However, any potential pullbacks should be limited to the 10,390 level as outlined by the 50-day moving average.
What does it indicate? Up or Down or Unsertain?
tact888 ( Date: 21-Mar-2010 23:55) Posted:
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High chance of a double top pattern forming if the blue minor wedge support is broken. The spinning top candlestick formed on Friday indicates indecision. Stay alert and be nimble as Bulls and Bears wrestle to control the market. If the Bears achieve power expect a breakdown of the minor blue rising wedge and a retest of the red major rising wedge support. If the Bulls continue charging upwards the upper resistance of the blue wedge will most probably experience a breakout and challenge the resistance formed by the giant red rising wedge.
View chart at http://tactcharts.blogspot.com/2010/03/djia-minor-rising-wedge-inside-major.html