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The Commodities Corner
4
0
Where Now, Mr. Dow?
Tue, Oct 20 2009, 15:00 GMT
by Andrei Pehar
Looking at a very long-term view of the Dow on the weekly chart, price reached a peak high on Oct 7th, 2007 at 14198.00 and reached a low on March 1st, 2009 at 6474.09. As of this writing, the Dow is currently about half-way between the 38.2 and 50.0% retracement levels of this move.
On Oct. 2nd, 2009,
price on the Dow hit the 38.2% level of the weekly Fib, and the 61.8%
retracement level on the daily Fib at 9420.69
Last week price snapped to the 118% extension on the daily and bounced down.
The long-term targets to the
upside would be the 10334.08 at the 50% level on the weekly Fib, and the daily
161.8 extension at 10483.90
Intermediate upside targets along the way would include the 127% daily Fib level at 10134.25 and the 138.2% level at 10224.25
The long-term target in a
downside scenario would be a return to the 38.2 weekly Fib, and the 61.8 level
of the daily at 9420.69
Support levels to watch along the way include 9917.29, 9727.65, and 9610.33
Published on Tue, Oct 20 2009, 15:00 GMT
Archive
- Where Now, Mr. Dow?
Published On Tue, Oct 20 2009, 15:00 GMT - Gold Hits Key Level
Published On Mon, Sep 14 2009, 14:18 GMT - What's Next for Gold
Published On Thu, Jul 2 2009, 15:26 GMT - New Lows for the Dow - Where is the Bottom?
Published On Fri, Mar 6 2009, 10:42 GMT - Crude Oil: A Key Level to Watch
Published On Thu, Nov 20 2008, 01:43 GMT
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