The following is Stock Market Technical Analysis for the Dow Jones ( DJIA ) for 11/24/08
Dow Jones Support & Resistance Levels - November 24, 2008
Resistance Levels: 8175, 8348, 8500
Support Levels: 8000, 7965, 7773, 7500
Support Levels: 8000, 7965, 7773, 7500
Friday we got a big rally in the Dow Jones and broke through many key resistance levels with heavy volume. We broke back above the 7773 low, the 7965 low, and closed above 8000. This is very bullish....but we are still in a severe downtrend. As in my previous chart, there is major resistance at 8175-8190 and if we can close above those two levels, I think we can make a push up to 8500 just to see whats there. Monday will key as we will either build from this rally or fail and continue the downtrend. The 10 day moving average at 8348 will also bring sellers just like 8923.18 did. For me personally, I will hold my long positions with a stop at 7965 on the Dow Jones. Keep in mind, we had a great rally but we are only back to Wednesdays close...be cautious!
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