A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –25.11.2024

 

DOW JONES INDUSTRIAL AVERAGE

Open—43871.63--High—44323.95—Low—43871.63—Close—44296.51 on 22.11.2024.

Support:43325.09/42938.87/42628.32/42258.84/41831.74/41647.30/41577.77/40584.47/39994.24.

Resistance:44486.70/44877/45003/45386/45519/45649/46035.

After making, an all-time high of 44486.70 on 11.11.2024 it corrected a bit and now again on the up-move. Technically it is on a very strong footing as of now therefore up move is likely to continue with intermittent correction, and if it moves above 44486.70 and sustain on the closing basis then the possible upside target could be 44877/45003/45386/45519/45649/46035, and if it fails to cross 44486.70 then it could get into short correction again but will get into proper correction mode only once it breaks and sustain below 42938.87 on the closing basis. Although its, chart setup & technical indicators are strongly placed but it is in highly overbought zone on the daily, weekly & monthly chart. Therefore I would like to give a word of caution here that the overbought condition & uncharted territories are accident prone also, so it is suggested to ride the on-going rise with utmost caution and alert.

REMARKS: -- It is in the long term uptrend and the bias is hugely bullish 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 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.