Thursday, October 7, 2010

Why double dip unlikely from Technical view point


Based on DJI chart, we noticed it is trading above MA20, MACD is above 0 and its making higher high and higher low. This is a sign of trend changed from bearish to bullish.

On top of that, it has cleared 2 previous resistance at around 10700 and 10900 which has now turn to support. Next resistance is expected around 11200.

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