Mike Paulenoff
11-14-2006, 09:22 AM
The DIA remains stuck in a range between (roughly) 122 and 121-120.80. Whichever side of the range is violated should trigger a potent follow-through in the direction of the breakout – to 123 on the upside and to 119.80/60 on the downside. Let’s notice that a break to the downside beneath 120.80 also violates the (very important) Aug-Oct support line – a situation that will inflict meaningful damage to the near-term chart structure. Right now, given today’s action thus far, the bulls apparently will have an opportunity to defend the lower support band at 120.80.
Read more and view the technical chart analysis at http://www.mptrader.com/markets.php
Read more and view the technical chart analysis at http://www.mptrader.com/markets.php