DJIA Weekly Chart
DJIA Daily Chart
DJIA Hourly Chart
As noted in a previous post, the BLS report on employment triggered a strong recession-related bearish sentiment which sent DJIA through the 12.700 support towards 12.000 next support, probing just below latter around 11.700 where long term support is found (see charts above): 2000 highs and EMA50 on the monthly chart, summer 2006 highs and SMA200 on the weekly chart, second day tested low on daily and hourly charts.
Oversold indicators readings and above mentioned long term support may trigger a relief rally back towards 12.700 resistance area (previous support) where also lies the 61.8% Fibonacci retracement level of the latest drop. This relief rally will also benefit markets around the world including the Romanian stock market.
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