A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –24.9.2022

 

DOW JONES INDUSTRIAL AVERAGE

Open—29955.65--High—29955.65—Low—29250.47—Close—29590.41 on 23.9.2022.

Support:29568.57/29562.12/ 29463.34/29250.47/29199.85/28902.13/28376.49/28169.53/27586/27447.08/27325.13/26537.01/26241.42/26143.77/25992.28/25526.33/24971.03/24843.18.

Resistance:29654.59/29755.53/29856.30/30145.31/30355.33/30635.76/30919.50/31026.80/31272.22/31643.70/32074.10/32284.35/32503.16/32578.73/32972.03/33155.71/33473.80/33555.22/33613.03/33741.76/33785.54/34014.41/34113.40/34145.59/34281.16/34665.84/34691.58/34849.32/35091.56/35371.47/35492.22/35631.19/35677.97/35824.28/36189.66/36316.61/36513.88/36562.03/36679.09/36952.65.

 (Bold and underlined figures are most important)

Further to my last post of 31.7.2022 technical setup has terribly weakened now. It is well below its short, medium and long term moving averages on the daily chart and also below some averages on the weekly chart too, furthermore certain important technical indicators are showing distinct weakness on the daily, weekly and monthly chart which is highly concerning and can drag it down further in coming days with intermittent relief rallies. It has closed well below its last year’s low of 29856.30 today and pretty close to its bear market threshold point of 29562.12 and the immediate last important support point is at 29200, therefore its important and critical range for now is between 29856.30—29562.12---29190 and it is within this range now. Please note that if it moves above 29856.30 and sustain on the closing basis then chances are that it could stage some recovery, sustained break below 29562.12 will push it into bear market territory and if it last it could be painful and finally sustained break below 29190 on the closing basis may witness an accelerated fall and then it can hit 26500 levels or may be much lower levels, this is what some important technical indicators are pointing at as of now. Moving down its most critical support points would be at 27583.15---26800---26500---26100----25308---25050---22636---21961---21711. It is in the long term downtrend and on the verge of getting into the bear market which is concerning. The bias is hugely bearish 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.