Wednesday, January 09, 2008

DJ broken critical support level

DJ looks to have breakout of the Descending triangle pattern after last night's sell off. As it is still some way from the apex of the triangle and indicators oversold, i fancy a rebound soon (as shown in green). If this rebound hit the downtrend resistance line, shorting looks viable and good risk/reward.

DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.