Dow Jones (12825)
In the previous review (12302) we had stated “even after 300 point fall, our stop of 12164 remains untouched & intermediate trend remained bullish; despite of strong negative sentiments it is (still) trading above 11500 for the last 2 and half months; expect a sideways trading if failed to breach the strong resistance of 12841”.
As expected, the Dow had breached a barrier (12800-12840, marked with dotted lines) in the last week. Now expect profit booking if failed to sustain above 12470; else, a slow and time consuming rally towards a target of 13200-13220.
