A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –15.4.2023

 

DOW JONES INDUSTRIAL AVERAGE

Open—33981.71--High—34082.94—Low—33730.85—Close—33886.47 on 14.4.2023.

Support:34014.41/33785.54/33741.76/33613.03/33572/33418.39/33276/33225.61/33147.28/32812/32573.42/32500/32284.35/32074.60/31805.18/31728.85/31429.82/31231.27/30635.76/30145.31/29654.59/28723.55/28662.86

Resistance:34155/34281/34331/34334/34342.28/34587.46/34711.63/34850/35092/35371/35492/35632/35825/36190/36317/36514/36562/36679/36952.65.

 (Bold and underlined figures are most important)

The overall chart setup is looking good as of now, price action also seems o.k., but certain important technical indicators are still  showing weak sign on the weekly and monthly chart, which is slightly concerning, however if price action remains good the indicators may turn positive in coming weeks/months.

It gave normal correction on 14.4.2023 and closed with a loss of 143.22 points and if the correction continues further then going down its critical support points would be at 33787---33646---33458---33285---33225---33147, sustained break below 33458 & 33285(figures may change) will push it into short & medium term correction mode and sustained break below 33225 & 33147 on the closing basis will threaten the on-going up move and fall may accelerate. Please note that to keep the up move intact it has to maintain above 33285---33225---33147 on the closing basis, else it may start down move.

Similarly moving up its critical resistance points would be at 33937----34056---34155--34281---34342---34587---34712---34997---35296, please note that it can correct at any of these points or earlier also and then can resume the up move again or the rally may exhaust for a while. But if it moves above 34056 and sustain on the closing basis then the up move can extend to 34712 and if it moves above 35296 and sustain on the closing basis then it can retest its all-time high of 36952.65 or may go beyond it also.

In view of the above observation it seems that it is evenly poised  now because 34342---34712 is tough resistance range and 33285---33147 is a strong support range therefore few trading session has to watched out for a clear directional move.

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.