In the last week’s analysis, we had pointed out that the Dow was likely to head towards target objective of 11810-11980 if able to post close >11759, otherwise expect a range trading.
On the very first day (of the week) it achieved our long standing target objective, with a high of 11867. The subsequent moves were confined to rage between stop loss & target area. Stop of 11490 remained protected, though it kissed 11450 but closed above the stop.
Last week, after achieving the target area, Dow hesitated to move up, further. Now immediately under an 11.5k close, expect more weakness. In short, 11.5k-11.8k is a new pressure zone, expect ‘trending’ move on breakout in either side, mostly downward.
