DOW JONES INDUSTRIAL AVERAGE
Open--27138.69--High--27640.21—Low--27138.69—Close--27480.03
on 3.11.2020.
Support:27382.94//27297.59/27071/26537.05/26143.70/25992.28/25523.51/24971/24843.18/24764.77/24264.21/23361.16/22941.88/22789/22595/20735/18213.65.
Resistance:27526/27580/27640/28090/28154.88/28376.49/28872.80/28957/29199.35/29373.62/29568.57.
(Bold and underlined figures are most important)
The long term technical setup looks o.k. as of now, but it is giving weak signal on the daily chart as it is making lower top & bottom and certain technical indicators are also showing weakness ,which is slightly concerning. But as long as it maintains above it key points of 27297.59 & 26606.72(this figure can change) it is o.k. for the uptrend. If it sustain above 27297.59 on the closing basis then it can retest its all time high of 29568.57 it made on 12.2.2020 or may go beyond it also in coming days but with intermittent down correction. Similarly if it moves below 26606.72 and sustain on the closing basis then it will get into deep correction mode and it will be a potential threat for the uptrend , which may please be noted.
Moving down the
critical support points would be at:-26606.72---25743---25440---25003---24680---24122---23997---23706---22789---22410.
Moving up the
critical resistance points would be at:-27551---27883---28295---28395---28958---29199.35---29568.57.
NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time, which may please be noted.
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 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.
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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