A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –6.2.2023

 

DOW JONES INDUSTRIAL AVERAGE

Open—33885.93--High—34178.98—Low—33813.92—Close—33925.06 on 3.2.2023.

Support:33581.42/33418.59/33285//33225/33147.28/32949.75/32812.33/32573.43/32530/33479.06/31728.85.

Resistance:34040/34087/34283/34342.28/34711.43/34849.32/35091.56/35296/35492/35631/35825.

 (Bold and underlined figures are most important)

The trend is up as of now and it has been consolidating in a range of 34711.63---32573.43 for quite some time and breakout on the either side will decide the further direction, however as of now it seems that it is evenly poised, so if it moves up from here then it will face resistance at 34342.28---34587.46---34711.63----34997.18---35295.47, please note that this rally may exhaust at any of these points or earlier also, but if it moves above 35296 and sustain on the closing basis then it could retest its all-time high of 36952.65 or may go beyond it also. It is important to mention here that moving up the range of 34689---36050 will pose a very stiff resistance which may please be noted. Similarly moving down it will find good support at 33581---33285---33225---33147.28---33100---32812.33----32635---32573.43---32530.25---32306---32070. Please note that break below 33285 will push it into corrective mode, sustained break below 33225---33147.28 & 33100 will weaken it further and will also pose threat to the long term uptrend, break below 32530.25 will push it into major correction mode and finally sustained break below 32070 will potentially threaten the long term uptrend which may please be noted.

The major important technical indicators are looking good on the daily, weekly but slightly weak on the monthly chart. Since it is consolidating in a range one can trade the range till it breaks out on the either side. Looking at the overall technical setup as of now it seems that it is evenly poised with a slight tilt towards upside.

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.