A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –23.12.2024

 

DOW JONES INDUSTRIAL AVERAGE

Open—42296.26--High—43216.03—Low—42146.33—Close—42840.26 on 20.12.2024.

Support:42628.32/42146.33/41831.74/41647.30/41577.77/41376/40584.47/40297.33/39994.24/39905/39868/39809/38908/38499.27.

Resistance: 42938.87/43325.09/44486.70/44574.78/45073.63/45386/45519/45649/46035.

After making, an all-time high of 45073.63 on 4.12.2024 it corrected and still into correction mode, but if it manages to hold 42837.17(figure may change) and then moves above 42938.87 and sustain on the closing basis then the up-move can extend further and the possible upside target or resistance points could be at 43264---43610----43955.40---44382.80---44489. Please note that it may correct at any of these points and then may resume the up-move again or may end the up move for good also for a while. But if it moves above 44489 and sustain on the closing basis then it could retest its all-time high of 45073.63 or may go beyond it also.

Similarly break & sustained close below 42837.17(figure may change) may end the hope of an extended up-move and it may start to move down again. Please note that break & sustain close below 41647.30 will push into deep correction mode and then it may seek much lower levels.

It is important to mention here that almost all the important technical indicators are negative on the daily, weekly & monthly chart with huge negative divergence. Therefore it seems that it is likely to fall in coming days, weeks & months for sure may be with intermittent relief rallies. Therefore caution is advised in the long trade.

REMARKS: -- It is in the long term uptrend as of now, but in short term correction mode. It is important to mention here that if it break & sustain below 41900(figure may change) on the closing basis it will threaten the long term uptrend and finally if it break & sustain below 40450(figure may change) on the closing basis then the long term uptrend would be in jeopardy, which may please be noted.

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.