22 Aug 2013
Look to sell rallies on the Dow Jones - 2ndSkies
FXstreet.com (Barcelona) - The US Dow Index continues to sell-off, currently at 14,812 after an uninterrupted 6-day bear run.
As Chirs Capre, Founder at 2ndSkies, notes: "In the last 3 years, there have only been four 6 day bear runs, with one of those times running for 8 straight bear closes. The next major key level coming up is just below at 14800 which was the July low this year that sparked the latest rally. Below this, there is not much support below till 14545 so a lot more downside available."
Capre is looking "to sell any rallies towards 14950/75 area or further up around 15115 are good locations to sell to rejoin the downtrend", adding that "the 14545 major support below, then 14030 comes up next which is over 800+ points lower."
As Chirs Capre, Founder at 2ndSkies, notes: "In the last 3 years, there have only been four 6 day bear runs, with one of those times running for 8 straight bear closes. The next major key level coming up is just below at 14800 which was the July low this year that sparked the latest rally. Below this, there is not much support below till 14545 so a lot more downside available."
Capre is looking "to sell any rallies towards 14950/75 area or further up around 15115 are good locations to sell to rejoin the downtrend", adding that "the 14545 major support below, then 14030 comes up next which is over 800+ points lower."