Dow Jones (12609) : Intermediate trend : Bullish
In the last review (12216) we said “In spite of straight 4 loosing trading sessions, the extremely near term picture, above 12077-11951, remains bullish; a close below this, will open the fresh bearish move, may be to the “last resort” level of 11500; On the upside 12815-12841 remains a challenging area for the bulls.”
The Dow indeed remained firm, and snapped the 4 days loosing streak with a gains of almost 400 points, since our last review. In the process, the intermediate trend has also turned positive, Stop at 12164. On the upside, once the resistance area of 12815-12841 is taken, the bulls will attempt to climb further, may be upto 13225.
However, the rise will not fast and furious but slow and steady, with ongoing corrections lasting for 1-2 days.
