Dow Jones Industrial Average Forecast October 19, 2012, Technical Analysis

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The Dow Jones Industrial Average rose during the session on Thursday as we continue to grind higher in test the 13,500 level. It is just above this area that we’ve seen the most resistance recently, and as such we feel the move above the 13,600 level would be very bullish of this market indeed.

As you look at the chart, you’ll notice that there is an obvious of trending channel, and we have recently at the bottom of it in order to bounce yet again. Until this channel is broken, there really is no sense trying to short this market as it has been so bullish over the last several months. With that in mind, we actually hold a longer-term position in the ETF market in order to capitalize on the essentially bullish uptrend, and will add futures positions at places that shows significant support currently, we are just below massive resistance, so we are a bit hesitant to add to our core position.

 

Dow Jones Industrial Average Forecast October 19, 2012, Technical Analysis

Dow Jones Industrial Average Forecast October 19, 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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