Saturday, November 19, 2011

Dow will have to trade in 11600...12200 range till break out...

Dow weekly chart is showing that it retraced 38.2 % to 10480 i Aug and then bounced from there ..Now trading well above 50WMA support ..trading in range ..moves are choppy and traders are confused but 100 WMA  50 WMA and 14 WMA including 23.6% fib level  won't allow bears to take Dow below 11150 ...immediate support is 11600 and
resistance is 12200...
So Dow will have to trade in 11600 >< 12200 range till break out...

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