Tuesday, January 11, 2011

Daily Dow Jones: A Breach Below The Mid Bollinger Band Could End Current Rally, 12-01-2011

On Wall Street, the Dow Jones up 34 points to 11672 points after falling for three straight days, as Japan's pledge to buy Eurozone bonds helped ease European debt jitters.

Sentiment was also helped by strong earnings forecasts from major retailers and an earnings upgrade to Hewlett-Packard. Major corporate earnings release this week are Intel (Jan 13)and JP Morgan (Jan 14).

we believe Dow is slated for further profit taking consolidations as the 4Q2010 reporting seasons begin. Immediate supports are 11585 (mid Bollinger band) and 11424 (lower Bollinger band) whilst resistance level is 11745 (higher Bollinger band).

Daily Dow Jones: A breach below the mid bollinger band could end current rally

Source: StocksChart

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