A TECHNICAL VIEW ON DOW JONES INDUSTRIAL AVG INDEX---24-7-2017

DOW JONES INDUSTRIAL AVG INDEX.

CLOSED AT 21580.07 ON 21.7.17.

SUPPORT: - 21535.05 / 21471.14 / 21279.30 / 21197.08 / 21169.11 / 21070.90 / 21051.70 / 20798.90.

RESISTANCE: - 21661.91 / 21681.53 / 21743.88.

(Figures in bold are important)

Technically it looks O.K.as of now, but in last few days it has been moving in a short range, which indicates that a big move may be ahead on either side in coming days. Moving up it has critical resistance points at 21657.05 & 21743.88 and to keep the up momentum on it has to sustain above these points on the closing basis. It did move above 21657.05 intra-day couple of times in last few days but could not close above it which shows indecisiveness. However even if it crosses the aforesaid points and sustain the further rise may not be smooth because it will face very tough resistance in the range of 21865---21970 (the range changes every day). Similarly moving down it will find support at 21471.14 / 21279.30 / 21169.11 and sustained break below 21169.11 on the closing basis can take it down for deeper correction.

It seems that it hangs in balance now and can move either way in coming days, but looking at last few days’ movement it seems that the bias is slightly on the down side. So watch out.

REMARKS: - In view of last few days trading movement, it is suggested to be very circumspect in long trade commitments.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit the trade.