Dow has finally reacted on its bearish pattern but still has multiple options in the downside so it will be not clear to say that Dow will starts a new bullish phase from here.
Dow was in short-term over-sold zone so a reversal was due, here I will be emphasizing on around 12750 levels. if Dow able to maintain that in early days of the coming week then it may test higher levels but breaking its previous high of around 13320 will be a hard job for it. In fact around 13000 levels which it was trying to cross in the last day of this week will be its initial resistance. Last time I was talking about a probable short-term bullish pattern, which is still there.
Since Dow is making lower highs and lower lows trend so if it unable to stay above 12750 levels then there is a chance that it may again test its recent low of around 12400. As I have already said that still Dow has options in the downside so 12400 will be an important support level for it if Dow maintains that then it may try to bounce in the upside in later days of the coming week.
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