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Friday, March 1, 2013

Dow Jones Industrial Average Technical Analysis

The Dow Jones Industrial Average ( DJIA ) is possibly forming a broadening triangle.  A broadening triangle has bearish implication and it is usually accompanied by expanding volume. Unfortunately, volume data is not available in my charting software so it is unable to serve as a confirmation.  However, a RSI bearish divergence has clearly formed so it is wise to stay vigilant.


Ezra Technical Analysis

Ezra has been trending down since January 10.  It is now approaching a trendline support confluence by the 200 MA. RSI is approaching oversold which is also the support level of the previous two troughs. It is quite possible that the bottom for this round of pull back is insight. However, should the trendline support be penetrated. It is going to be very bearish. It will imply a downside target of around $0.78.


ChinaMinZhong Technical Analysis

ChinaMinZhong closed with a "long antenna" ( long legged doji ) today after hitting an intraday high of $1.27 ( which is very close to our target at $1.30 ).  In the weekly chart, a shooting star candlestick was formed where RSI is overbought. It is likely the euphoria will pause where selling pressure will bring the prices back to between $1.00 ~ $ 1.10.  The long term trend is still up so it is good to buy on dip.