(chart from http://finance.yahoo.com/q/bc?s=%5EDJI&t=6m&l
=on&z=m&q=l&c=) any dips towards 12,000 were quickly reversed, especially in November where it actually turned around right on 12,000. I think this shows that once we hit 12,000 in the near future, or come very close to it, investors should pull the trigger. However if we go below 12,000 and stay down there for a little while, investors should be careful as the next stop could be pretty far.
Looking at the last year to date in the chart below (chart from http://finance.yahoo.com/q/bc?s=%5EDJI&t=1y&l=on&z=m&q=l&c=
) from the last year, the next stop could be 11,500 as support was found there in September. If investors remain spooked and panic even further after reaching 11,500, then our next stop could be 10,650 as there was a double bottom seen there in June and July of '06, the last real sign of weakness in the DJIA before this week.
1 comment:
Hey thanks for posting on thezarreoprt.com
As for my (Jano's) opinion, I think that we are going to see a very choppy market. People are going to be very cautious in their trading and you will probably see more patterns similar to this week. Overall the week was up, but we saw a tremendous amount of volatility.
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