It was a good run for the Dow Jones Industrial Average last week as positive news came in. It managed to close at 10,211.07 after dipping below 9,800 last Tuesday. The index bounced off the neckline of the possible head and shoulders formation and currently broke above the 2-month downtrend’s resistance (indicated by the red circle). The price could be headed now to the next significant resistance at 11,000.00. A break above that could propel the price to the 1-year high at 11,309.00. On the flip side, in case the Dow Jones retreats, the neckline of the possible head and shoulders formation could be the support. A slip below the neckline could slide the ^DJI to the 9,000.00-9,2000.00 price mark.
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