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Dow Jones Chart Analysis 16 November 2012

Written By Unknown on Sunday 18 November 2012 | 11:39:00 am



Indicators
1) Trendline - below the downtrend line .. ( Bearish )
2)  Support/Resistance - Formed lower low and lower high ( Bearish ) 
3) MACD - Formed 4R1G ( Bullish
4) RSI - If break above 30% will indicate bullish.. 
5) STO - Bullish crossover (Bullish ) . If break above 20% will indicate more bullish
6) Ichimoku -  a) Price coming entering from the support cloud (Bearish).
                       b) Conversion line  below the base line (Bearish).
                       c) Price close below the baseline ( Bearish) .
7) Candlestick pattern - Hammer on the support at 12531  (Bullish). Required another white candle to confirm the bullish reversal
8) Market Sentiment - Rise after optimistic budget talk .. ( Click here to refer more )


Conclusion:
Bearish
Formed a hammer on the support after digesting the Fiscal Fear and optimistic budget talk to  resolve the Fiscal Fear issue

Resistance-  12716 / 12794 / 12964 / 13057 / 13134 / 13335 / 13583
Support -  12531 / 12314 / 12237 / 11757 / 11649




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