Noble Doji Indecision Near Critical Support

Since top reversal on 18 Mar 2010, the major trend is down. Currently trying to bottom and turn upwards but with massive indecision and strong downward pressure.

Critical green dash support zone must hold for any chance of a rebound. Any upward move will probably be challenged by the following resistances

1. Red dual resistance zone of the upper channel

2. Bold blue 200 EMA

3. Ichimoku Kumo Storm Cloud

4. Bold green 200 SMA

Conversely any breakdown below the green dash critical support may find new support at one of the following

1. Red dual support zone of the lower channel

2. Blue down trendline

Capitamalls Asia $2 Milestone Support

Since topping at the all time high peak at $2.75 price has been trapped inside a downward channel. Any breakdown below $2.00 will probably see a retest of the 1.95 to 1.90 support zone.

The downward dual resistance upper channel must be overcome if price wants to move higher. First peak resistance to clear is $2.11 followed by $2.22 before an uptrend turning is established.

DJIA Enters Potential Resistance Zone

Doji halted advance inside potential resistance zone demarcated by green dotted and green bold diamond resistance lines. Any surprise upthrust above this green resistance zone will probably encounter strong bear defences at the light blue dotted resistance band.

A pullback towards the red support of the diamond is expected if the diamond trading pattern script continues to play accordingly. Take note of any breach of the orange dotted support area as this may be the start of a long term downtrend.

Z-obee Potential Complex Head and Shoulders Formation

The complex head and shoulders pattern took about half a year to form and is still a work in progress. A breakout above the 41.5 to 41 cents immediate resistance band will probably see the creation of a multiple right shoulders pattern similar to the one on the left of the head. The blue dotted resistance zone will probably halt any advance above 41.5 cents.

Any weakness that drops below the 39 cents immediate support will find the next support region at 37 to 35 cents. If further weakness persists and if the red neckline breaks strong support is expected at the green support area.

Metastock Equis - Stochastic Osc - Expert System Exploration List as at 6 July 2010

This Exploration uses classical interpretations of a slow stochastic to generate a list of securities that meet either buy or sell conditions.

A buy signal is indicated by a 1 in the first column of the Exploration report. A sell signal is indicated by a 1 in the second column.

Free trial for Metastock is available at www.metastock.com/tacttrial

DJIA Critical Diamond Support Being Tested

Hammer followed by hammer clone testing red diamond support. Closing below the red support indicates potential for further weakness. The hammer and its clone seems to suggest a probable rebound may happen. If no confirmation candlestick bar appears this week to support a rebound a drop into the lavender channel will probably take place. A drop into this channel will confirm the diamond top pattern and will result in further weakness.

Take note that if a hammer confirmation formation appears any upward move will probably be challenged by the green dashed diamond resistance line followed by the green bold resistance line. A successful breakout above these green resistances is highly remote. Any miraculous breakout here will result in a diamond continuation pattern and more upward swing is expected.