05/11/2012

DOW 1 hour chart just before change to new hour at 14.00

The one hour chart finally shows that we are still sideways but the 8 MA is down. The horizontal line at the bottoms low is the breaking point, at 13.033.6 to test Oct 30 low at 12.989.4 which could be a dangerous development.

My feeling right now is that the US traders after opening at 15:30 might test 13.033 and eventually make a turn around on upside to take out the short positions.

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