Last week I was not sure that DOW is going to break 13300 level in fact the medium to long-term positive pattern which I was mentioning during last few months demands Dow to drop from this 13300 level. I was talking that Dow’s drops may remain limited and I am still holding that view. I do feel that levels around 12900 may act as a good support for DOW in the downside. If we follow the recent trend then Dow may drop around 12800 (more than 50% reversal). The chance of further drop will be still there but I will be talking about the bearish pattern when DOW tests level around 12500.
According to its bullish pattern Dow is expected to go upside and its last day was better but that not means that Dow is going to break 13300 in coming week in a straight way. I think that Dow may show couple of good days but before proving that bullish pattern we may see little more correction.
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