Hi, these are just ideas not recommendations, sometimes I trade my ideas, sometimes I don’t.
Always remember, yours is the responsibility for your trades,
Good luck,

Tuesday, August 7, 2012

Dow Jones, Russell and Gold support and resistance levels

We are aware of a possible big downtrend bound to happen, in the meantime here are support and resistance for this week, and this week only.

Dow is definitely in the beginning of an uptrend, over 13025 is a long buy, between 13025 and 12711 is a no-trade zone, if it crosses below 12711, the 12118 level must be broken to the downside before it is considered a downtrend.

The Russell has yet to surpass the 805 level to be a buy candidate; below 776 I will be considering shorting.

And my favorite trading instrument by much, gold, continues immerse in its no-trade zone between 160 and 155.

If you have to forecast, forecast often they say, so no forecast here just a perception: The big downtrend in not happening, at least no this week.

Dominican Gold and Silver medal winners Felix Sanchez and Lugelin Santos, Mazel Tov.

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About Me

I am a civil engineer who likes charts, to me, speculating in the markets is both a hobby and a second profession and in my view the stock market is the most honest environment, since it is only your knowledge and preparation that matters. I live, and work in the construction industry, in the Dominican Republic. I read and answer all my mail so please feel free to write sternloinaz@gmail.com Thanks, Erick