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World markets  |  August 09, 2012 08:56:44

Technical Analysis: The growth of the Dow Jones hranici13 stops at 500 points

U.S. stock index Dow has been growing for several weeks, U.S. stocks benefited from optimism on the old continent, where all hope that the ECB eventually save Europe from collapse. According to Darryl Guppyho, technical trader and CNBC contributors, however, the Dow hit a strong barrier around 13,500 points.

The Dow Jones Industrial Average - technical analysis

According to the dominant technical Guppyho line A line on the chart. This is an extension of "neck" formation "head and shoulders" that the Dow formed between February and July 2011. This spring, the extension meant a strong resistance.

In recent weeks the Dow has created a smaller growth channel between B and C lines on the chart, almost parallel to the line A. Line C appears to be solid support, line B, however, an even stronger resistance. In the short term would be a sharp rise above the line B, surprisingly, also limited from above as technically much stronger line A. In the short term but in any case takes a bullish view.

"S & P 500 is doing from a technical point of view different," says Guppy. Put aside the details, according to the outlook Guppyho S & P 500 is even more bullish than the Dow. The index is also seventhAugust jumped over 1,400 points, which is psychologically interesting border.

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    Technická analýza: Růst indexu Dow Jones se zarazí na hranici13 500 bodů

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