Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Friday, September 23, 2011

Dow Jones Industrial Average (DJIA) Technical Analysis 2011.09.23

New lows on DJIA...are we looking at a broader decline?

The futures market of Dow Jones Industrial Average made a new low yesterday (10,596) after it broke the support zone between 10,778 and 10,827 levels.

Today’s price action confirmed that the above mentioned zone is an important one because the pullback was stopped and reversed around this area. The main support is set at 10,600 level and an eventual rebound at these levels will provide a good premise for a few days of up reaction.

However, there is not enough data at this point that can signal a possible reverse. Therefore, we will monitor the 10,600 area and try to establish if it is going to be a reverse level.   

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