DOW JONES INDUSTRIAL AVERAGE
Open-26409.33--High-26440.02—Low-26013.59—Close-26428.32 on 31.7.2020.
Support:26297.53/25992.28/25523.51/25369.75/
24971.03/24843.18/24764/24294/23361.
Resistance:26611.03/26625.46/27025.38/27095/27297.59/27580.21/28090/28174.97.
Critical Range: 25369.75----27297.59.
(Bold and underlined figures are most important)
It still looks good on the technical chart, but it has broken its recent trend line on 30.7.2020 drawn from the bottom of 20735.05 it made on 2.4.2020 which is a weak sign. However it is moving in a range of 25369.75----27297.69 now and breakout on the either side will decide which way it will move till then it will oscillate in the said range.
It is imperative to note that the
huge up move in it from the bottom of 18213.65
it made on 23.3.2020 has no
connect with the fundamentals and it is purely a liquidity driven rally, which
may not last long because it is the fundamentals only which holds the price
line eventually. Furthermore it crossed its critical point of 27297.69 and closed above it on 8.6.2020 but on the very next day it
went below it and thereafter it did not try to cross this point as of now,
secondly and most importantly this rally is 91 days old and seems matured for culmination at any time. In light
of this it seems that it is likely to give down side break in coming days, so
watch out.
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.
Kindly note that make your cost your stop loss in favourable 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.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.