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Today's outlook for mini Dow Jones Futures.
Thursday, February 09, 2012
by Carol Harmer of Charmer Charts
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Mini Dow Jones has so far been unable to break the 2011 highs of 12873. Clearly this is a very critical level and considering the market is now severely over bought on the long and short term charts, there is a very strong chance that the market will top out just below this level. 12785 held the downside as predicted. We cover all long positions as we approach this resistance and attempt shorts. Stop losses on these short positions are needed above 12984 as if we make it through here the market will have broken higher and will be clear to try for a test of resistance at 13133/40. Failure to break above the 2011 high at 12873 could start to trigger profit taking. If we dip back below 12833 we should test suport at 12785. This could hold the downside again today but if we break lower look for 12732/25. Cover any shorts here and attempt long positions as we look for a bounce back . However stops needed below 12690 for a move to 12645/25 next. charmercharts.com
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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