Dow Jones Industrial Average forecast for the week of October 22, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The Dow Jones Industrial Average initially rose during the previous week, but failed to stay above the 13,500 level. However, we do see support at the 13,250 level just below, so this could just simply be a short-term pullback. Ultimately, we need to see the 13,000 level get broken to the downside in order to get aggressively short of this market.

With that being said, we think that this is a short-term correction, and nothing major. We will be looking for supportive candles below in order to start buying the ETFs that follow this index, as well as the mini futures contract.

 

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