I was expecting that DOW will bounce from 12600 level but still I am little disappoint with its performance in later period of this week. DOW is getting hard resistance in crossing the 13000 range, last day’s close was better from earlier and now there is a good chance that in coming week it may cross 13000 level convincingly to prove its short-term bullish pattern.
I told about a medium to long-term bullish pattern of DOW, for which important level is around13300 and if DOW crosses 13000 level and triggers its short-term bullish pattern then the chance of making that medium term bullish pattern will be stronger.
During last few weeks I was talking about an alternative bearish pattern of DOW which can take it towards 12000. But now DOW has crossed an important level in the upside so if it stays there for sometime then technically the chance of triggering that bearish pattern is less.
DOW is moving side based with higher lows (or higher closings), if it continues that then earlier days of the coming week are expected to be good. But if it again gets resistance in this level then important support levels are at around 12750 and 12600 levels but considering its trend this time any drop will be limited.
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