Wednesday, September 4, 2013

#1 Global Update: DOW would be the next COW

DOW has been in the continuous uptrend since quit some time and it has been overbought zone since long. Technically on Monday it gave a perfect Bearish Engulfing close to sign a start of a near term downtrend. Yesterdays close at 14833 was at the strong support zone. A negative close today opens the gate on the downside upto 13120. 100 DMA on DOW has acted as strong support for last few months and we may see some strong support their in coming weeks at 11618. FED's upcoming meeting is the most important event to watch for US traders. I would recommend to SHORT DOW if it close negative today with a strict SL of 15572 CLOSING

Disclaimer: I may have personal position in index and above mentioned stocks. Views and News mentioned above may have Errors and omissions. My views are biased more towards technical analysis. Please read and study the market carefully before investing on my idea. For any suggestion contact me on my email. Some words mentioned in article don’t mean their actual meaning. They are correlated for market. 

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