Dow Jones Industrial Average Forecast August 17, 2012, Technical Analysis

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The Dow Jones Industrial Average had a strong session for the Thursday trading hours, breaking above the most recent resistance area to settle at the 13,250 level. This is just below the 13,300 level that is significant resistance. If we can manage to get above that level, we will have absolutely no choice but to buy Dow 30 names. We would of course prefer hyphenated names, as is more than likely suggests stronger moves by these types of companies. When you add at this chart in with the S&P 500, the FTSE, and the Nikkei, it appears that we are going to start seeing stock markets perk back up. Because of this, we are buying a breakout above the highs that stabilizes and prints at the end of a daily candle as well.

 

Dow Jones Industrial Average Forecast August 17, 2012, Technical Analysis

Dow Jones Industrial Average Forecast August 17, 2012, Technical Analysis

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About:FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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