Monday, November 15, 2010

Weekly Dow Jones Review, 14/11/2010

Despite the improving November’s consumer sentiment at 69.3(October: 67.7), the Dow Jones fell 91 points to 11192.6 level on speculation China will raise interest rates to fight inflation, concerns about Europeans sovereign debt crisis and no significant
achievement in the G20 summit meeting.

The Dow Jones had stalled in recent sessions after a two-month rally that climaxed at 11506 points, a level not seen since the collapse of Lehman Brothers in September 2008.

Week on week, the Dow Jones ended a five-week winning streak with a 2.2% fall as a string of global worries have prompted investors to reassess their positions.

On Wall Street, we reiterate our view that after hitting a two year high last week, accompanied by the deteriorating technical indicators, the Dow is expected to mired in profit taking consolidation. Upside target is situated around 11500-700
points whilst 11000 level should be a strong near term support floor.

Weekly Dow Jones shows it is targeting middle Up-Trend-Line (UTL) channel around 12000 point after completing recent correction.
Weekly Dow Jones Reviews 14-11-2010
Source: MarketWatch

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