The Dow Trannies Need To Bounce Soon

The Dow Jones Transportation Average is sitting on an important technical support: the 38.2 per cent Fibonacci retracement level. It has already bounced off this level a couple times, so the index needs to bounce soon or it will run the risk of breaking down.

The next Fibonacci support level is near 4600. This is a good one to watch for classic divergence (vs. Dow Jones Industrials).

Previous Dow Transports Chartology here.

More charts found here.

dow transports

Photo: See It Market

Dow Jones Transportation chart as of September 28, 2012. Dow Jones Transports chart with Fibonacci retracements and technical support levels. Dow Jones Transports technical analysis.


Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

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