{"id":56736,"date":"2010-06-11T10:28:12","date_gmt":"2010-06-11T00:28:12","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/06\/11\/bulls-are-back-in-charge-reports-techwizard\/"},"modified":"2010-06-11T10:28:12","modified_gmt":"2010-06-11T00:28:12","slug":"bulls-are-back-in-charge-reports-techwizard","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/06\/11\/bulls-are-back-in-charge-reports-techwizard\/","title":{"rendered":"Bulls Are Back In Charge, Reports TechWizard"},"content":{"rendered":"<p><!--{cke_protected}{C}%3C!%2D%2D%0A%09%09%40page%20%7B%20margin%3A%202cm%20%7D%0A%09%09P%20%7B%20margin-bottom%3A%200.21cm%20%7D%0A%09%2D%2D%3E--><\/p>\n<p style=\"margin-bottom: 0cm\">\n\tBy Rudi Filapek-Vandyck<\/p>\n<p style=\"margin-bottom: 0cm\">\n\tSometimes observing the market closely provides investors with all the answers they are looking for, the TechWizard reports this morning.<\/p>\n<p style=\"margin-bottom: 0cm\">\n\tHe says it has become clear this week that US equities found solid support at levels that keep the bears in their caves for a little longer. Focusing on the Dow Jones Industrial Average, the TechWizard says the DJIA clearly found strong support in the 9800-10,000 region.<\/p>\n<p style=\"margin-bottom: 0cm\">\n\tThis now should form the platform for a rally, he adds.<\/p>\n<p>\n\tInvestors should keep a close eye on two critical DJIA levels, reports the Wizard: 9900 and 10350. If the average manages to close below the first level or above the second level on a weekly closing basis this will prove a key signal for the direction forward.<\/p>\n<p>\n\tAs the Wizard now thinks the bulls have taken charge again, he will be closely watching whether DJIA can close above the second level tonight.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/DJIA_Wizard3.jpg\" style=\"width: 700px;height: 503px\" \/><\/p>\n<p>\n\tNote that the Wizard&#039;s short term positivism is offset by his longer term pessimism. At present, the Wizard believes the US market will revisit 9900 at a later stage this year and likely drop below it on a weekly closing basis.<\/p>\n<p>\n\tWere DJIA to close above 10,350 on a weekly closing basis, the Wizard believes the present rally could reach as high as 10,800-11,200.<\/p>\n<p>\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au The views expressed are the TechWizard&#039;s. not FNArena&#039;s (see our disclaimer).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TechWizard believes the short term trend has reversed for equities.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[26],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56736"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=56736"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/56736\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=56736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=56736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=56736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}