dow up 100, page-13

OK, so a chart to possibly give some idea of the potential important supports.

- The bottom dark blue trend line is drawn from the low at the start of january, and intersects all important lows over the last 7 months, with it being used as support 5 times during this period.
- The 50dsma is located around 35.50 currently, and I believe has already proven to be relatively valid as a support. We should see this broken on monday, or at least tested.
- The intersection of the horizontal support and the 7 month long trend line appears to give us a technical support at 34.00, which would be in keeping with a good level to bounce from.
- Lower targets to consider would be 32.30, which was a significant resistance, then support over May, June, and 29.30, which is the february highs (as our index is flirting around that level currently).

- MACD is clearly negative, and shows the possibility of further downside.

My estimate would be a break of 35.50, downside target of $34, and if things turn real bad, a test of $32.

As previously attested to, BHP moves in $4-$8 increments, so $32 wouldn't be all that surprising.
On a percentage term, $34 would represent approximately a 15% retracement from its highs of just under $40.