US Equities Approach ‘Natural Resistance’, Reports TechWizard

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It's a brave soul who dares to call the high for this market, reports the TechWizard.

Nevertheless, he predicts what will be on Mr Market's mind this month is the fact that April proved to be the time to sell and take profits in two out of the past two years.

The matter comes again to the fore as the Wizard reports the Dow Jones Industrial Average has now risen to what he defines as "natural resistance". This resistance zone, explains the Wizard, is calculated from the April 2011 high.

The Wizard is by no means calling for a repeat of the experiences in 2010 and 2011, but a pull back to the rising 20 Moving Average (M/A) would seem but the path of least resistance, in his view.

The 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. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).

Technical limitations

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