The Dow Jones Industrial Average has zoomed off the recent lows and rallied almost 1k trading points in the last six sessions, firmly above the 50 DMA and heading towards the 200. Is this market rally for real? Just like that is the selling over?
The bears appears to be defeated in the short term. If DJIA can recover the 200 DMA, I'd say new highs will follow. 18,300 - yes, it could happen. For now, Watch two levels on the way 'up' - 17,400 and 17,600 - one is an area of resistance and the other will be the 200 DMA.
The bears appears to be defeated in the short term. If DJIA can recover the 200 DMA, I'd say new highs will follow. 18,300 - yes, it could happen. For now, Watch two levels on the way 'up' - 17,400 and 17,600 - one is an area of resistance and the other will be the 200 DMA.