DOW finally showed some conviction in its recent rally overnight. It ended up 196.99 pts, or 0.80%, at 24739.53. More importantly the flat 55 day EMA, as well as near term falling trend line resistance, were firmly taken out. The question now is, has the consolidation pattern from 26616.71 completed as a triangle at 23531.31? Or rise from 23531.31 is just another leg in the pattern? It’s early to tell. We’ll see how powerful the current rise is to determine. But for now, firstly, break of 24585.97 resistance should be seen shortly and there is prospect of reaching 25800.35 resistance. Secondly, 23344/60 should be a solid base that will hold on another attempt.
