Technical Analysis of Financial Markets

Friday, July 28, 2006

Dow Jones – Double Bottom (almost complete)

The Double Bottom bullish reversal pattern the Dow has been forming is almost complete. A break and close above approx 11,250 will confirm the pattern at which point buyers enter. However, watch 11,300 marking a Fibonnaci level which has served as resistance before during late March. A possible turn back lower below the Confirmation Line after breaking above it may indicate a failed pattern.

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