Many are worried that DOW fell already from support. Remember the breakout from the second downtrendline (pls click here to see old post)? Let us now zoom in at the junction (see chart at the left). That line is holding well. Yesterday's drop was catch by that line and bounce back to form a doji. That's my good news for you. The bad news- though the line is catching it, the line is on a descending slope. Nye!!!!!!!! So the support is going down. The current DOW level still calls for caution. If that support line will break, it will cause panic and fear again. Today, that line is a little below 8400.
Thursday, June 18, 2009
Dow is still holding
Many are worried that DOW fell already from support. Remember the breakout from the second downtrendline (pls click here to see old post)? Let us now zoom in at the junction (see chart at the left). That line is holding well. Yesterday's drop was catch by that line and bounce back to form a doji. That's my good news for you. The bad news- though the line is catching it, the line is on a descending slope. Nye!!!!!!!! So the support is going down. The current DOW level still calls for caution. If that support line will break, it will cause panic and fear again. Today, that line is a little below 8400.
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