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Thursday, July 5, 2012

DJIA >>> The Daily/60 Mins Technical Charts Outlook

The 3 Ts >>> Technical Testing Times
As illustrated in the daily chart, the blue-chip benchmark is challenging resistance at the June peak, an area followed by additional overhead around the 13,000 mark.

(Dow 13,000 approximates the February closing peak, and the March breakout point.)
The specific levels hold at each benchmark’s June peak, and these areas mark the near-term bull/bear battleground. The charts above add colors.
Meanwhile, the Dow industrials’ near-term backdrop is slightly weaker. In its case, the blue-chip benchmark remains capped by the June peak of 12,899. On further strength, additional resistance holds around the 13,000 mark, better illustrated on the daily chart.
Technical Analysis : Dow Industrial Average 05 July 2012 The Dow closed higher on Tuesday renewing the rally off June's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, May's high crossing at 13,338 is the next upside target. Closes below last Thursday's low crossing at 12,450 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 12,946.
Second resistance is May's high crossing at 13,338.
First support is last Thursday's low crossing at 12,450.
Second support is the reaction low crossing at 12,398.


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