Steel ($DJUSST) Analysis for 08.12.2007

The monthly chart shows a sharp pullback in the index after making a high in June 2007. First downside support is the prior high of 323.78.

The weekly chart shows a double top and break of uptrendline to confirm the downside move.

The daily chart shows index to be below the key 34 ema and the 200sma. Friday was a day of indecision. IF there is continued buying next week, THEN look for first upside resistance to be key LIS of 375 area, which also happens to be the .382 fib area.