Wednesday, July 08, 2009

Transports Break

From an end-of-day perspective, yesterday saw the loss of a possible ascending triangle on a closing break of rising support in the Dow Jones Transport Index. Fib retracements have been included as possible support areas. But this break will only add to the selling pressure in the Dow.

Worringly, no oversold condition in stochastics but there is an opportunity for a sideways pattern to develop using support at 3,000 as a building block.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.