A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –4.7.2021

 

DOW JONES INDUSTRIAL AVERAGE

Open—34642.42--High—34821.93—Low—34613.49—Close—34786.35 on 2.7.2021.

Support:34439.37/34245.48/34186.13/33744.28/33687.01/33555.72/33473.80/33271.93/32980.57/32074.60./32009.64/31165.46/30919.50/30622.35/30606.48/30547.53/29856.30/29463.64/29229.10/

Resistance:34820.91/34821.93/34849.32/35019.56/35586.50/35786.66/36216.09/36585.91

(Bold and underlined figures are most important)

Further to my last post of 19.6.2021, it recovered sharply and moved above its critical point of 34380 and also bounced back above its short and medium term moving averages but it is still below its major rising trend line drawn from the bottom of 18213.65 made on 23.3.2020 and one important technical indicator is showing weakness on the weekly chart these two are the weak link in it but price-wise it is showing strength, which is positive sign. The important range for it now is between 35091.56---34727.63---34380(this figure can scale up if it hits new all time high), if it remains above 34727.63 on the closing basis then it could retest its all-time high of 35019.56 or may go beyond it also in coming days. Similarly break below 34380 could push it into very short term correction mode.

Please note that moving down its critical support points would be at-34727.63---34456---34380--34230---34046---33864---33637---33581---32853. Similarly moving up its critical resistance points would be at-34849.32---35091.56---35586.50---35786.66---36216.09---36585.91.

The long term bias is up and short term outlook is also positive but looks precariously poised and if it fails surpass its all-time high of 35091.56 in next 4-5 trading sessions then it could correct.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, 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

suranank@gmail.com

Mobile—8240951127/9831313654.