1. Testing of critical 200SMA weekly support in progress. A successful rebound from this support will be challenge by the pink immediate resistance zone.
2. The 200SMA weekly confirmed the complex head and shoulders reversal pattern formed in 2007 and 2008. In 2010 it confirmed the failed head and shoulders formation.
3. DJIA has retraced towards the lower channel support region. There is a high probability that the lower green channel support may be tested. Immediate support is indicated by the green zone.
4. Any upward surge above the pink immediate resistance area will see a retest of the 12000 milestone. Further upthrust will reclaim the red bold downtrend resistance line followed by the next resistance shown by the light blue zone.
5. Conversely if the green immediate support band give way the 10000 milestone will be tested followed by the next support region indicated by the yellow rectangular box.
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