Yesterday Dow closed with a heavy fall. It closed 134 points down to register 17603 in the Index. A very ominous closing to put it bluntly.
However Dow Jones closed above 17600 and not below this psychological support level. That is significant as of now. This was elaborated by me in my previous post which you can access here. Till this support level is not violated by Dow on closing basis, we should retain our long positions.
As of publishing this post, European markets are in green and Dow Futures is indicating a positive opening in Dow today. We hope that Dow takes support from present closing and moves higher. The manner in which Dow rebounds will dictate our exit level.
Today oil is also on a rebound amid hopes of a production freeze. Let us watch how long this sunshine in global markets lasts.
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