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Monday, October 15, 2012

DJIA >>> Technical Analysis 15 Oct 2012

A Technical Rebound Overdue
 The Dow closed slightly higher on Friday as it consolidates some of this week's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the June-July uptrend line crossing near 13,317 would confirm a trend change has taken place. Closes above the 20-day moving average crossing at 13,497 are needed to confirm that a short-term low has been posted.
 First resistance is the 20-day moving average crossing at 13,497.
Second resistance is last Friday's high crossing at 13,661.
First support is today's low crossing at 13,296.
Second support is September's low crossing near 12,977.

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