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DJIA turns bullish after rebound from important support zone

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For our article today we have decided to present a daily Overview of the DJIA Stock Index.

The overall situation on a daily basis is the following: The index has been traded in a bullish like channel formation and first the quotes dipped towards 16000 as a correction of the major trend then strong rebound from the 16000 support returned bulls to action. On a weekly basis the price action is also suggesting for continuation of the major bullish trend. Our expectations are that prices would rally towards 17500 where is situated a psychological as well as technical resistance. Moreover we do not expect any important economic US data until the new NFP is released and there is plenty of room for bulls to push.

On the other hand in case we see quotes breaking below 16000/15900 the scenario changes immediately to bearish and further declines would be supported. Moreover this could indicate a major trend reversal on a weekly basis leading to strong market declines.

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