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Dowjones Industrial Index has been witnessing a heavy selling pressure for last three weeks. The technical chart pattern indicates that the Dow index closed yesterday at major support level of 10809. Also the present sharp correction has completed an 61.8% retracement for a uprally from a bottom of 9614 to 12521 ( July 2010 to June 2011 ).
Further dowjones index is expected to trade side ways for few days consoldating before a move on either side. Morever selling pressure may be over.
- Support 10809-10283-9941
- Resistance 11164-11270-11375-11551-11714