Thursday, February 24, 2011

Lower Bollinger Band Should Provide A Sound Support For Dow Jones Industrial Average, 25-02-2011

A late afternoon selloff in oil helped the major U.S. stock averages pare deep session losses although worries persisted over the impact of surging crude prices on economic growth. The April oil crude contract traded as high as $103.41 during the session as violence in the Libyan capital of Tripoli spurred concerns about continued oil production disruptions in the North African country. Unconfirmed news reports that Moammar Gadhafi had been shot helped oil turn tail late in the day and stocks responded accordingly. The S&P 500 edged lower by 1.3 points to 1306.10.

The Dow Jones Industrial Average fell 37.28 points, or 0.3%, to 12,068.50, as oil prices retreat 2.2% to $97/barrel, as sentiment improved over lower weekly jobless claims, higher durable goods orders and statements by U.S., Saudi Arabia and the International Energy Agency that they can compensate for any disruption in Libyan shipments. The sentiments eased oil prices to US$97/barrel.

Lower Bollinger Band Should Provide A Sound Support For Dow Jones Industrial Average.
DowJones25-02-2011


Source: StockCharts.com

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