This week Dow made a high of 10341 which was just as per what i had writen last week
http://jerrytechnicals.blogspot.com/2009/11/technical-analysis-of-dow-jones-djia.html.
Looking at the daily chart of dow, after a furios upmove on comaparitively low volume,
negative divergence has started to develop in almost all indicators. As i had writen last week,
the negative divergence in weekly indicators is scary, to say the least.
However what is going positive on long side is the momentum indicator which tells there
might a bit more steam left in the rally.
In this week look out for the region of 10420 - 10500 which as per charts, is expected to be supply zone for
dow. Failing to close above these levels will mean dow will test 10120 this week. Below 10120
strong support exists at 9910 region which is fibonacci confluence level.
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
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