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Technical forecast for Dow Jones

By () · August 15, 2013 · Comments Off on Technical forecast for Dow Jones
Futures · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

Emini Dow Jones Sep13 topped around 15404/09 & as expected broke 15305/15290 to the downside & hit the target of 15260/55 to bottom exactly here. We are in a 2 week down trend & should stick with this trend. A break lower sees 15233 then tests good support at 15170/65. We should look oversold short term at this stage so watch for a bounce from here as the longer term trend is still bullish. Exit shorts & try longs with stops below 15115. A break lower should then target very strong support at 15050/35 for a buying opportunity & an end to this correction.

Immediate resistance at 15309 but above here a selling opportunity at 15335/45 with a high for the day expected. However shorts need stops above 15370 for 15390. Exit longs up to here & try shorts with stops above 15430.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More

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