DOW JONES INDUSTRIAL AVERAGE
Open—33882--High—33893.68—Low—33407.45—Close—33507.50
on 29.9.2023.
Support:33399.69/33306.30/33236/32938/32812/33706/32586/32573.43/32500/31805/31728/31429.82/31231.27/30635.76/30145.31/29654.59/28723.55/28662.86
Resistance:33571.44/33610.52/33714/33771/33985/34029.22/34081.56/34155/34281/34331/34334/34342.28/34587.46/34711.63/34850/35092/35371/35492/35632/35825/36190/36317/36514/36562/36679/36952.65.
(Bold and underlined figures are most important)
It is in corrective mode now. The overall technical setup is looking very weak at this point of time, it is well below its short& medium term moving averages on the daily and some below weekly chart also, its long term is threatened as it is below its long term moving averages also, furthermore almost all important technical indicators are negative on the daily, weekly and monthly chart and price action is weak, therefore all together the situation is highly concerning and indicates that further fall may be ahead. However it has strong support in the range of 33306---33100 and if it holds this range it can witness a bounce back, else down move may continue and then it may take support at 32586.57 & 32530.25, but break below 32530.25 will push it into long term corrective mode and that would be highly concerning. Please note that to get a foothold it has to move above 33660(figure may change) and sustain on the closing basis and to gain strength and get back on the up momentum track it has to move above 34260(figure may change) and sustain on the closing basis.
In view
of the above observation since it is near its strong support range of 33306---33100 therefore watch out few trading
session for a clear direction. The overall bias is 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
Mobile—8240951127/9831313654.
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Thank you for sharing your views.