Gradually DOW is triggering its bullish pattern and its last day was better but unless it crosses 13000-13100 level convincingly, it will be hard to prove that completely. On the other hand I told about a medium to long-term bullish pattern of DOW, for which important level is around13300 and if DOW crosses 13100 level and triggers its short-term bullish pattern then the chance of making that medium term bullish pattern will be stronger.
Dow is getting resistance around 13000-13100 level. Since DOW is making higher lows (or closing) so even if DOW drops from this level, that drop will be limited. Last week I was negating the chance of triggering the short-term bearish pattern but that may develop in a new form which is not clear yet. So the chance of future drops is still there and it will be prominent if DOW spends more time in 12500 to 13100 zone.
NOTE: Please see the disclaimer of this blog.
Due to some problem I am giving this week’s postings much earlier and in tomorrow, if I able to give stock market review then I will post there if I have to do any change on this.