This wont be a V shaped recovery im afraid. Positive news or not, this rally is purely a technical rally from a severly oversold position. Unless there is massive inflation around the corner, we wont be hitting new highs anytime soon.
Until I see 9000 broken on the DOW we are still in a bear market. Doesnt mean in the short term you cant profit by turning bullish.
I would expect profit taking tonight, but then again, next resistance on the DOW is at around 8300. 55 DMA served as support for the most recent rally. I do think that we will hit the 200 DMA now, which is just below 9000 (IG Markets).
friday, page-7
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Last
7,971.6 |
Change
-64.900(0.81%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,036.5 | 8,036.5 | 7,923.6 |
| XJO (ASX) Chart |