Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Charts Predict: Dow to 6,700 in ‘Accelerated’ Slump

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

CNBC.com
Tuesday, Nov 18, 2008

The Dow Jones Industrial Average could sink as low as 6,700 before the year is out, in another accelerated down move similar to October’s slump, Roelof van den Akker, chartist from ING Wholesale Banking, told CNBC.

“The price target for this year is still 6,700, so that’s a lot of downside potential,” Akker told “Squawk Box Europe.”

Charts of the Dow show the “completion of a bearish pattern,” which is “suggesting the same accelerated down move as back in October,” Akker said.

(ARTICLE CONTINUES BELOW)

The Dow [.DJIA 8273.58 --- UNCH (0) ] lost over 13 percent of its value in October. It closed at 8,273.58 on Monday, which is over 1,500 points higher than Akker’s prediction for the year.

If the Dow closes below 8,175 then the next level of support for the index will be between 7,450 and 7,200, which were the October lows of 2002 and 2003, Akker said.

“The picture is bearish and we expect lower prices within the coming days and also weeks,” he added.

This article was posted: Tuesday, November 18, 2008 at 5:30 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Sony Hack: What They're Not Telling You See the rest on the Alex Jones YouTube channel.

Help Baby Olivia Survive Her First Christmas See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.