The Dow Jones Industrial Average (^DJI) opened with a 230 point drop during the last trading session. Still, it was able to recover reducing the damage to a 23-point decline. Chart-wise, the index was able to bounce off from the support line at 9,756 (as mentioned in the earlier post on ^DJI) which prevented a complete breakdown from the ascending channel. The Dow Jones may head all the way up to its 11,000 resistance (green dotted line) as the stochastic is oversold but if it fails to, it could retest the current support at 9,700-9,800 (violet dotted line) or even break below it. If it breaks below 9,700, we could see the price head to the next price mark at 9,378. At its current rate, the Dow Jones would be moving within 9,800-10,950.
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