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Wednesday, August 3, 2011

DJIA Updated

DJIA broke the 200 MA and the suspected Head and shoulder chart pattern (H&S) neckline yesterday. This is a bearish sign and may indicate the suspected H&S chart pattern to be valid. However, RSI has reached the support level of the previous two troughs. I believe a technical rebound is imminent. What is important is the move after the rebound. If selling persist, chances is the H&S pattern is valid and the target will be realized.

I will post the STI update later....