Utilising Fibonacci, we can connect the low on early March '07 to the top on mid July '07 and we will get all the retracement levels. DJ has broken the perceived support at 13,228 points which was once the 38.2% support. We saw DJ trading above this support level during late July but this level has now given way. The possible technical support levels in technical analysis are as follows:
200 Day Moving Average is at 12,813 level
Fibonacci 50% Retracement Level
Major Trendline support which is close to 200 Day Moving Average
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DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
