Last week I was expecting that DOW may get initial resistance 12600. DOW is not in over-sold zone as it was in past week so if it doesn’t able to break this 12600 level then there is a chance that DOW may drop from here. Therefore 12200 is the important level but if DOW chooses to drop below 12100 then next important support level is 11800. For coming week emphasis should be given on 12200 level in the downside.
Though DOW is getting resistance around 12600 but its closing in last few days were better considering its lower positions. If it goes in the upside and breaks 12600 level then next resistance level is at 12800.
I want give emphasis on the movements in early days of the coming week. Because frankly speaking it has a chance to move either way. But if I have to choose between options then I will go for bearish view if it doesn’t able to break 12600 in early to middle of the coming week.
I am still expecting that DOW is going to make a bullish pattern in future, provided it does not go for lower highs and lower lows. We have to wait some more time to get a clear picture on this.
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