A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –25.2.2024

 

DOW JONES INDUSTRIAL AVERAGE

Open—39127.97--High—39282.28—Low—39094.36—Close—39131.53 on 29.9.2023.

Support: 38927.08/38783.62/38338.58/38106.64/38039.86/37778.85/37566.22/37073.04/36952.65.

Resistance: 39148/39222/39370/39475/39518/39592/39714/39814/40170/40362.

 (Bold and underlined figures are most important)

Technically it is on a very strong footing as of now and in the new territory therefore up move is likely to continue with intermittent correction, but I would like to give a word of caution here that the uncharted territories are accident prone also, therefore it is suggested to ride the on-going rise with utmost caution and alert.

Moving up from here its broad resistance points could be at 39266---39370---39475---39592----39814, it may correct at any of these points and may resume the up move again or may exhaust for a while, but if it moves above 39814 and sustain on the closing basis then the up move can extend further to 40120---40362 or more.

Similarly moving down break below 38388.58 may trigger fresh fall, break below 38039.86 will weaken it further and finally sustained break below 37778.85 & 37566.22 and then below 36952.65 on the closing basis may accelerate the fall.

REMARKS: -- It is in the long term uptrend and the bias is hugely bullish as of now. But I once again repeat that ride the on- going rise with extreme caution and alert.

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 review, 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.