Dow Jones Industrial Average Forecast August 24, 2012, Technical Analysis
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The Dow Jones industrial average found itself falling through the 13,100 level on Thursday. This breakdown was relatively significant, but there is certainly much more support closer to the 13,000 handle. Because of this, we think this is more than likely just a pullback to find support between 12,000 and 13,000.
The Dow 30 will feature companies that in an ugly world are the least ugly out there. A lot of large money managers are deploying money into blue-chip dividend paying stocks in America. This is essentially what the Dow 30 is, so we believe that it should find quite a bit of support going forward. We would be very interested in buying Dow Jones futures or blue-chip stocks once we stabilize, preferably around the 13,000 level.
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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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gavin foley
Hi Christopher
Given Fridays sharp rally on light volumes do you think there will be a pullback to the 13050 / 13100 level any time soon given the upcoming event risk of the next few weeks to present the ability to buy again. How does fridays move impact your short term outlook?
thanks
gavin
FX Empire Analyst - Christopher Lewis
If there is a pullback that has any teeth to it. 13,000 is where you will see a lot of support. As far as Friday’s move, I think it is only continuation at this point, and that a breakout is more than likely.
