The following is Technical Analysis for the Dow Jones ( DJIA ) for 1/23/09Dow Jones Support & Resistance Levels - January 23, 2009
Resistance Levels: 8250,8350, 8500, 8765
Support Levels: 8000, 7965, 7774
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The Dow Jones fell below 8000 today and bounced back toward the recent upper end of the downtrend line currently sitting at 8200. This downtrend line which formed several weeks ago goes down about 50 points per day and every time we fall hard during the day, we bounce back toward this level within 24 hours. Yesterday it was 8250, today it was the bounce toward 8200. Last Friday and Last Tuesday, we double topped at 8350. 8350 is an area to watch as if we break this to the upside, you could have a trend reversal and 8500 will be tested. Some say we are in a bottoming process, but I continue to buy each time we go below 8000.
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