A TECHNICAL VIEW ON CNX-NIFTY FOR---9.7.2021

 

CNX-NIFTY

 Open—15855.40--High—15885.75—Low—15682.90---Close-15727.90 on 8.7.2021.

Support:15673.95/15635.95/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: -15780/18835.55/15877/15885.75---15915.65/ 15920/ 16024/16074/16180/16223/16631.     

 (Bold and underlined figures are most important)

After staying above the lower band of its critical range of 15780---15920 for three days, it has broken it today. It has decisively broken its major rising trend line also drawn from the bottom of 7511.10 made on 24.3.2021, it is almost below all its short term moving averages today, therefore all together it is exhibiting weakness as of now and indicate that downside could open up. Furthermore and most importantly please note that it has been trying for the last three days and it tried three times earlier also to cross the critical point of 15920 but could not, which clearly indicate the range of 15885.75---15920 is a huge hurdle for it moving up, therefore for the up move to continue it has to close above 15920 and sustain on the closing basis then it could possibly hit the upside target points of 16024---16074---16180---16223 else it may drift down. Since, it is below its key and important point of 15780, so further downside is expected provided it does not bounce back above it in next 2-3 days time. Going down its other critical support points would be at-15673.95---15635.95---15606.50---15566.90---15450.90. It is important to mention here that its long term technical setup is still good for the uptrend to continue , therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. The short term outlook seems dicey and weak as of now.

In view of the above observation, for safe trader’s long trade can be tried once it closes above 15920 else avoid. However aggressive trader can try long trade if it moves above 15780 and maintain for some time or can try long on decline near 15635 but not below it. Please note that in a weak market long trade could be a risky affair mind you. Lastly and most importantly long trade should be attempted on sharp decline in the range of 15471---15431 but not below it with a strict stop loss of 15380. Since it has not yet crossed some of its critical long term averages and overall short term technical setup is indicating weakness, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 15780 and maintain for some time with a stop loss of 15710. It for the aggressive traders and could be a highly risky trade.

Or

Buy on decline if it holds 15635 but not below it with a stop loss of 15590. It for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15820---15850 with a stop loss of 15890. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15780 in first one and half hour of trade with a stop loss of 15800. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15673.95 and maintain for some time with a stop loss of 15730. It could be a risky trade but worth trying for intraday gain.

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.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR---7.7.2021

 

CNX-NIFTY

 Open—15813.75--High—15914.20—Low—15801---Close-15818.25 on 6.7.2021.

Support:15780/15755.05/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: -18835.55/15877/15895.75/15915.65/ 15920/ 16024/16074/16180/16223/16631.       

 (Bold and underlined figures are most important)

It had wild move today it went near its all-time high of 15915.65 but could not cross it and in the late afternoon started moving down and finally closed near the low of the day with a meager loss of 16.10 points. However, it is still within its critical range of 15780---15920. But it has made lower top & bottom on the line chart and most importantly it has made quadruple top in the range of 15895.75---15915.65 on the bar chart, so this range is very tough resistance now, therefore for smooth up move it has to move above 15920 and sustain on the closing basis then it could continue the up move and possibly hit the upside target of 16024---16074---16180---16223 else it may drift down.  Similarly going down it will find critical support at 15780---15700(it will change every day) ---15635.95---15566---15450. Please note that sustained break below 15780 will push it into very short correction mode, sustained break below 15700 will weaken it further and sustained break below 15635.95 could accelerate the fall. It is important to mention here that its long term technical setup is still good for the uptrend to continue , therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. The short term outlook seems dicey as of now.

In view of the above observation, for safe trader’s long trade can be tried once it closes above 15870 else avoid. However aggressive trader can try long trade if it moves above 15840 and maintain for some time or can try long on decline if it holds 15780 but not below it. Please note that long trade on decline could be a risky affair for the day. Lastly long trade can also be tried on sharp decline in the range of 15471---15431 but not below it with a strict stop loss of 15380. Since it has not yet crossed some of its critical long term averages , therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 15840 and maintain for some time with a stop loss of 15770. It for the aggressive traders and could be a risky trade.

Or

Buy on decline if it holds 15780 but not below it with a stop loss of 15750. It for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15880---15920 with a stop loss of 15950. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15750 and maintain for some time with a stop loss of 15820. It could be a risky trade but worth trying for intraday gain.

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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—7.7.2021

 

CNX--BANK NIFTY

Open-35173.60---High-35807.45--Low—35165.55--Close-35579.15 on 6.7.2021

Support:35491.95/35428.15/35380/34976/34930/34894.45/34635.95/34525.45/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It continued the up move today also and closed with a gain of 367.15 points. It did get within its critical range of 35648---36248 intraday today but could not sustain and finally closed below it, furthermore it made double top today, which is slightly concerning, so now if it fails to move above 35811 and sustain on the closing basis then the up move may be in jeopardy. It is needless to mention here that for the steady up move it has to move above 36248 and sustain on the closing basis, then it could retest its all-time high of 37708.75 or may go beyond also. Therefore as of now 35811 &36248 levels are the important benchmark points and it has to cross both and sustain on the closing basis to move up smoothly, else it may drift down eventually. So moving up from here the critical resistance points would be at 35648---35811---35985---36248---36328---36537---36939---37100---37708.75.  Similarly going down its important support points could be at 35359.40---34950(it may change every day)---34632.60---34535.26---33908.95, please note that break below 35359.40 on the closing basis could push it into very short correction mode which may last for 2-3 days, sustained break below 34950 may weaken it further ,sustained break below 34632.90 could be the last alert point, sustained break below 34535.26 will push it into deep short term correction mode which may last for 5-8 days or more and finally sustained break below 33908.95 could accelerate the fall further. The long term bias still looks positive as of now. But the short term outlook still looks dicey. So watch out.

In view of the above observation, long trade can be tried if it moves 35580 and maintain for some time or can try long trade on decline near 35360 but not below it. However aggressive traders can try long trade on decline at appropriate points or near 35100 but not below it.  Since it has not crossed its critical resistance range of 35648---36248, therefore short trade can also be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 35580 and maintain for some time with a stop loss of 35450.It is for the aggressive traders and could be a risky trade.

Or

Buy on decline near 35360 but not below it with a stop loss of 35140. It is for the safe traders.

Or

Buy on decline at appropriate points or near 35100 but not below it with a stop loss of 34920. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 35850---35900 with a stop loss of 35950. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35550 and maintain for some time with a stop loss of 35630. It could be a risky trade but worth trying.

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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—6.7.2021

 

CNX--BANK NIFTY

Open-35010.95---High-35234.30--Low—34926.40--Close-35212 on 5.7.2021

Support:34976/34930/34894.45/34635.95/34525.45/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05. 

Resistance;35380/35428.15/35491.95/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It continued the recovery process today and closed with a gain of 402.10 points.  It bounced back above the short term moving averages also which is a positive sign. But one most important technical indicator is showing weakness on the daily and weekly chart and indicating that it may have an accelerated down move in coming days, if it does not bounce back sharply above some of its key points in next 3-4 trading session. Its range for now is between 35577---35380---34915(it will change every day) ---34632----34525---33908, please note that if it moves above 35380 and sustain then it will get some strength and close above 35577 may help it resume the up move, similarly sustained break below 34915 will weaken it, sustained break below 34632 will further weaken it, sustained break below 34525 will push it into very short term correction mode and sustained break below 33908 will accelerate the down move. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move may resume again. Looking at the last couple of days price movement it is less likely to cross 36248 levels and sustain at this point of time, however if it moves and sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. Moving up from here it will face critical resistance at 35380---35491.95---35648---35810.90---35985---36248---36328---36537---36939---37100---37708.75. Similarly moving down its important support points would be at 34915---34525.45---34374.35---33908.95---33625---33273. The long term bias still looks positive as of now. But the short term outlook still looks dicey. So watch out.

In view of the above observation, for safe traders long trade can only be tried if it moves and closes 35380 else avoid. However aggressive traders can try long trade if it moves above 35305 and maintain for some time or on decline near 34960 but not below it. Please note that long trade on decline could be a risky affair for the day. Since it has not crossed its critical resistance range of 35648---36248, therefore short trade can also be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 35305 and maintain for some time with a stop loss of 35170.It is for the aggressive traders and could be a risky trade.

Or

Buy on decline near 34960 but not below it with a stop loss of 34800. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35550---35650 with a stop loss of 35725. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34880 and maintain for some time with a stop loss of 35020. It could be a risky trade but worth trying.

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.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR---6.7.2021

 

CNX-NIFTY

 Open—15793.40--High—15845.95—Low—15762.05---Close-15834.35 on 5.7.2021.

Support:15780/15755.05/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: -18835.55/15877/15895.75/15915.65/ 15920/ 16024/16074/16180/16223/16631.       

 (Bold and underlined figures are most important)

It continued the up move today and bounced back within the range of 15780---15920 and closed with a gain of 112.15 points which is good sign. Furthermore it has bounced back above its major rising trend line and above its short term moving averages also which is an extremely positive indication for the up move to continue. But for the steady up move it has to remain above 15780 on the closing basis, then close above 15870 and eventually to cross 15920 mark and sustain then it could hit the upside target of 16024---16074---16180---16223. Please note that sustained break below 15780 could jeopardize the up move and it may resume the down move again and going down it may find good support at 15673.95---15635.95---15606.50---15566.40---15505.65---15450.40.  It is important to mention here that its long term technical setup is still good for the uptrend to continue , therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. The short term trend also seems OK but is has to be seen whether it is able to hold its critical level of 15780 in next 3-4 days or not.

In view of the above observation, for safe trader’s long trade can be tried once it closes above 15870 else avoid. However aggressive trader can try long trade if it moves above 15850 and maintain for some time or can try long on decline near 15780 but not below it. Please note that long trade on decline could be a risky affair for the day. Lastly long trade can be tried on sharp decline in the range of 15471---15431 but not below it with a strict stop loss of 15380. Since it has not yet crossed some of its critical long term averages , therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy if it moves above 15850 and maintain for some time with a stop loss of 15810. It for the aggressive traders and could be a risky trade.

Or

Buy on decline near 15780 but not below it with a stop loss of 15740. It for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15900---15920 with a stop loss of 15950. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15750 and maintain for some time with a stop loss of 15800. It could be a risky trade but worth trying for intraday gain.

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.

 

 

A TECHNICAL UPDATE ON CRUDE OIL LIGHT (NYMEX) –5.7.2021

 

CRUDE OIL LIGHT (NYMEX)

Open---$75---High---$75.58---Low---$74.42---Close---$75.04---on 2.7.2021.

Support:$72.33/71.98/69.98/67/66.41/63.09/62.95/61.56/60.62/59.25/58.59/57.63/57.27.

Resistance:$75.27/76.22/76.91/77.28/84.05/85.61/87.15/91.24/95.44/98.74/100.42/103.39/105.22/107.68/110.55/112.24/114.83.

(Bold and underlined figures are most important)

It is on a very strong technical footing as of now, furthermore quite some time back ,it has given breakout from its major downtrend line drawn from the all-time high top of $147.25 made on 11.7.2008 and it is comfortably sustaining the breakout which is a hugely positive sign and indicate further up move from here in coming days with intermittent short corrections. Moving up its critical resistance or target points could be at-$76.91/85.31/93.51/102.64/114/119.13. Similarly moving down its critical support points would be at-$71.75---65.84—59.78(1^st & 3^rd figure will scale up if it breaches recent high of $76.22). Please note that sustained break below $71.75 will push it into short term correction mode, sustained break below $65.84 will weaken it further and sustained break below $59.78 on the closing basis will push it into major correction mode.

The long term bias is strongly up and short term outlook is also positive.   

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.

 

 

A TECHNICAL UPDATE ON NASDAQ COMPOSITE –4.7.2021

 

NASDAQ COMPOSITE

Open—14586.44--High—14649.11—Low—14555.34—Close—14639.33 on 2.7.2021.

Support:14439.40/14206.83/14196.21/14167.15/14062.50/13960.04/13907.86/13845.47/13698.67/13678.77/13072.33/13002.54.

Resistance: 14667/14843/14910/14951/15027/15261/15664/16155/16319/17031/17105.

(Bold and underlined figures are most important)

It is on a very sound technical footing and hitting new all time high every other day. It is exhibiting tremendous strength for the continuation of the up move. Moving up from here its resistance or target points could be at---14667---14843---14910---14951---15027---15261---15664.  Similarly going down its important and critical support points would be at-14439.40---14260.52---14117.62(last two figures will scale up whenever it hits new all time high).Please note that sustained break below 14439.40 will slightly weaken it, sustained break below 14260.52 on the closing basis can put it into very short correction mode and sustained break below 14117.62 will push it into deep short term correction mode.

The long term bias is strongly up and short term outlook is also positive but since it is making new high every other day therefore be cautious henceforth because it could correct any time.  

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.

 

 

A TECHNICAL UPDATE ON S&P 500 INDEX –4.7.2021

 

S&P 500 INDEX

Open---4326.60---High---4355.43---Low---4326.60---Close---4352.34---on 2.7.2021.

Support:4287.04/4257.16/4241.43/4208.41/4164.40/4128.43/4118.38/4061.41/4056.88/3983.873950.43/3886.75/3853.50/3805/3789.54/3749.62/3723.34/3694.12/3662.71/3633.40/3588.11/3544.82/3405.73.

Resistance:4355.40/4407.25/4531.50/4557.33/4824.27/5337.81.

(Bold and underlined figures are most important)

Further to my last post of 20.6.2021, it recovered sharply and moved above its critical point of 4210 and hit a new all time high of 4355.43 and also bounced back above its short and medium term moving averages but it is still just below its major rising trend line drawn from the bottom of 2191.86 made on 23.3.2020, the trend line is placed at 4385(it will rise every day) for 5.7.2021 and one important technical indicator is showing weakness on the weekly chart these two are the weak link in it but pricewise it is showing robust strength for the continuation of the up move, which is positive sign. So moving up from here its critical resistance or target points could be at-4355.40---4407.25---4531.50---4557.33---4824.27---5337.81. Similarly moving down its critical support points would be at 4284.97---4199.36---4084.98(figures can scale up if it hits new all time high). Please note that sustained break below 4284.97 on he closing basis could push it into very short correction, sustained break below 4199.36 could push it into deep short term correction mode and sustained break below 4084.98 could push it into medium term correction mode.  

The long term bias is strongly up and short term outlook is also positive but since it is making new high every other day therefore be cautious henceforth because it could correct any time.   

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.

 

 

A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –4.7.2021

 

DOW JONES INDUSTRIAL AVERAGE

Open—34642.42--High—34821.93—Low—34613.49—Close—34786.35 on 2.7.2021.

Support:34439.37/34245.48/34186.13/33744.28/33687.01/33555.72/33473.80/33271.93/32980.57/32074.60./32009.64/31165.46/30919.50/30622.35/30606.48/30547.53/29856.30/29463.64/29229.10/

Resistance:34820.91/34821.93/34849.32/35019.56/35586.50/35786.66/36216.09/36585.91

(Bold and underlined figures are most important)

Further to my last post of 19.6.2021, it recovered sharply and moved above its critical point of 34380 and also bounced back above its short and medium term moving averages but it is still below its major rising trend line drawn from the bottom of 18213.65 made on 23.3.2020 and one important technical indicator is showing weakness on the weekly chart these two are the weak link in it but price-wise it is showing strength, which is positive sign. The important range for it now is between 35091.56---34727.63---34380(this figure can scale up if it hits new all time high), if it remains above 34727.63 on the closing basis then it could retest its all-time high of 35019.56 or may go beyond it also in coming days. Similarly break below 34380 could push it into very short term correction mode.

Please note that moving down its critical support points would be at-34727.63---34456---34380--34230---34046---33864---33637---33581---32853. Similarly moving up its critical resistance points would be at-34849.32---35091.56---35586.50---35786.66---36216.09---36585.91.

The long term bias is up and short term outlook is also positive but looks precariously poised and if it fails surpass its all-time high of 35091.56 in next 4-5 trading sessions then it could correct.

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.