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Soultrader

Are we ready for a breakout?

By Soultrader, in Market News & Analysis

Will the Dow Futures Break 11400?  

20 members have voted

  1. 1. Will the Dow Futures Break 11400?

    • Yes, we will see a new trend
      11
    • No, too much selling pressure
      9

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Soultrader    12

Soultrader
Posted

This is a key level that I have been discussing for the last 2 weeks. The markets have failed to maintain price acceptance above 11400. However, the daily charts look fairly bullish. We have an ascending triangle formation in play, and price is trading above all moving averages.

 

We will need to see more volume on this breakout but the MAC alos looks firm to the upside. Any break above the August 18th high and we are likely to see a nice lift perhaps to the May high.

 

We also had price acceptance above value on August 30th, 2006. This will be a very interesting week to see whether we can break this level. Place your votes now!

083106readyforbreakout.jpg.a63cca4b664519a197f8cf3833d891ed.jpg

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