Since closing at 6,547.05 on March 9th, the Dow Jones Industrial Average gained back more than 11% in the past 9 trading sessions to recoup some of the losses. The rally was partly fueled by financial stocks after two of the nation’s three largest banks, Bank of America (BAC) and Citigroup (C), made bullish comments on their first quarter profit. Both BAC and C surged after reaching all time lows on March 5th, gaining 97% and 135%, respectively.
But is this rally real? Or just a temporary bounce in a bear market that’s still search for the bottom?
In this INO educational video, Market Club analyst examined recent market actions from the technical point of view to see whether the rally is the beginning of a upside reversal, or not.
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