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April 18, 2006
Dow Still Falling Within Flag
The Dow remains oversold and near support from broken resistance, but cannot manage a breakout or bounce to reverse the falling flag. This is the second flag in as many months and there is a lot of support around 11100. The prior flag reversed with a long white candlestick on 10-Mar (white oval). For this flag to reverse and the Dow to turn bullish, I would want to see a break above 11200 with a nice long white candlestick.
Posted by Arthur B. Hill at April 18, 2006 10:25 AM