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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Wednesday, November 16, 2011

Dow Jones Industrial Average (DJIA) Technical Analysis 2011.11.16

Dow Jones Industrial Average created a strong support in the 11,700 area, at the 50% retracement level and the highs of early September.

The end of wave 2 could be translated toward newer highs as the corrective pattern could develop in a complex manner (two linked corrections). If this will be the case, I expect a lower degree slope of the probable next swing up.

However, if the current support area will be broken, we will look for further bearish action, aiming for the early October lows, in the 10,500 area. 

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