Saturday, April 26, 2008

Dow Jones Industrial Index Weekly Chart Hanging Man Candlestick Charting Pattern

Weekly chart has hangning man candlestick chart pattern near the intersection of 2 resistance lines. The weekly black downtrend resistance line and the red upper channel resistance line may be tested next week. Breakout above these 2 resistances will propel Dow Jones Index to next resistance at 13270. However, if this weekly hanging man is confirmed by a long down bar expect a drop towards mid Bolinger Band support at 12544 . If this support does not hold a further retracement towards the blue mid channel support line is likely.

1 comment:

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