Tuesday, August 23, 2011

Dow Jones Daily: More Upside If Mid Bollinger Band Is Violated, 24-08-2011

Wall Street Recap: Dow Jones rallies 3% on stimulus speculation
Despite the weaker-than-estimated economic data from July new home sales and Richmond Fed manufacturing index, Dow surged 3% or 322 points to 11177.

The disappointing reports served to ramp up expectations of another round of stimulus package by the Fed, with Bernanke speaking at a gathering in Jackson Hole this Friday.

Technically, the inverted hammer (22 Aug) and Marubozu (23 Aug) candles formation as well as bottoming up in indicators could see the saucer-shaped rebound towards 11436 (mid Bollinger band) and 11989 (200-d SMA) levels.

Dow Jones Daily: More Upside If Mid Bollinger Band Is Violated
DowJones24-08-2011



Source: StockCharts.com

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