A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –17.7.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—30775.37--High—31286.95—Low—30775.37—Close—31286.02 on 15.7.2022.

Support:31231.27/30919.50/30635.76/30547.53/30335.33/30145.35/29856.30/29654.59/29568.57/29463.64/ 29199.35.

Resistance:31509.74/31885.09/32009.64/32074.60/32284.35/32449.87/32578.73/32819.51/33155.71/33271.94/33473.80/33613.03/33741.76/34014.41/34113.40.

 (Bold and underlined figures are most important)

Its overall long term technical setup is very weak at this point of time and it is already into medium and long term correction mode. It is below its important & critical points and also way below its long term  moving averages  on the daily and below some on the weekly chart also, furthermore the important technical indicators are weak on the weekly and monthly chart as of now ,therefore further fall looks inevitable in coming months, which is concerning.

The short term setup is slightly positive hence this rally. The on-going up move is just a pullback rally and it may end abruptly also. But if it moves above 31377 and sustain on the closing basis then this rally can extend further, so it is benchmark point for upside to continue. Moving up it will face stiff resistance at 31377—31509.74---31537---31885.09---32442. Similarly moving down break below 31160 may weaken it and break below31000 may accelerate the fall. But it has bed of support in the range of 29856.30---29561.97 and if it hold this range it may witness bounce back again but if it moves below 29561.97 and sustain on the closing then the downside move is expected to accelerate and then it is likely to hit 26500 levels, which may please be noted. Therefore the range of 29856.30---29561.97 is a value range, mind you. The short term bias is slightly positive but the medium & long term bias is negative as of now.

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.