DJIA Simple Trading Update 1 November 2013

simple trading

The Dow Jones found support well above 15,500 and managed to close near the top end of its range on Friday.  Having “survived” this week, it’s clear that  buyers are still in full control of this market for the time being.

We think price is likely to exceed the Double Top Resistance above sometime next week at which point traders will watch closely to see if “real buyers” come in after shorts are forced to cover.

If we’re wrong and price begins to decline anew next week, we still think 15,500 is the first (and most obvious) Support Level to watch.

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