A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –23.10.2021

 

DOW JONES INDUSTRIAL AVERAGE

Open—35607.72--High—35765.02—Low—35533.95—Close—35677.02 on 22.10.2021.

Support:35631.19/35510/35442.53/35290.07/35205/35061.12/34715.21/34691.58/34145.59.

Resistance:35765.02/35940/36180.13/36402.13/36610/36878.41.

(Bold and underlined figures are most important)

Its long term uptrend is intact and it hit a new all-time high of 35765.02 today, although the price pattern is looking good for the continuation of the up move but certain important technical indicators are giving weak signal which is slightly concerning, furthermore moving up from here it will face very stiff resistance in the range of 36749---35790(figures may scale up  every day) and if it moves above this range and sustain on the closing basis then it could be in a very strong up momentum which may please be noted. Please note that as long as it holds 35257.15 & 35227(figures may change) it seems that the up move may continue but sustained break below it will push it into very short term correction mode.

 REMARKS:--The long term trend is up and the short term trend is also positive but in wake of weak technical indicators and tough resistance range ahead one should be extremely alert and cautious in the long trade at this juncture.

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.