A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –31.7.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—32515.62--High—32906.21—Low—32495.87—Close—32846.45 on 29.7.2022.

Support:32578.73/32530.25/32449.87/32284.35/32074.60/31885.09/31705.93/31535.24/31272.22/30919.50/30635.76/30574.53/30355.33/30145.31/29881.82/29856.30/29755.53/29654.59/19199.35

Resistance:33155.71/32270.83/33473.80/33555.22/33613.03/33741.76/33785.54/34014.41/34113.40/34145.59/34665.84/34691.58/34849.32/35091.56/35371.47/35492.22/35631.19/35677.97/35824.28/36189.66/36316.61/36513.88/36562.03/36679.09/36952.53.

 (Bold and underlined figures are most important)

Further to my last post of 17.7.2022 as it crossed its important point of 31377 therefore it rallied and as long as it hold this level chances of up rally to continue will remain. But if this rally has to really move forward in the month of August-2022 then it has to move above 32910.18 and sustain on the closing basis else it could be in a dicey situation. But the short term technical setup looks good as of now and some important technical indicators are also positive on the daily chart and few on the weekly chart also therefore the up move is likely to continue with intermittent correction and provided it moves above 32910.18 and sustain. Moving up from here its key resistance points would be at 32910.18---33303.56---34164.72---35230---35492.94 but in between it could face other resistance points too, please note market could correct from any of these points or earlier and then may resume the up move again provided it holds 32530.25 on the downside. Similarly moving down its key support points would be at 32530.25---32442---31885.09---31705.93---31376.90, please note that sustained break below 32530.25 on the closing basis will push it back into long term correction mode and sustained break below 31376.90 may end the possibility of a steady pullback rally and may resume the down move again. The short term bias is positive but the medium and long term bias is still 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.