Source: PaxForex Premium Analytics Portal, Technical Insight

The Dow Jones Industrial Average gained 464.28 points (1.46%) to 32297.02 by closing the trading session. The U.S. House of Representatives approved the $1.9 trillion economic stimulus package, offered by U.S. President Joe Biden, which was positive news for the market. Biden is expected to sign the bill on Friday. The Senate approved the stimulus package over the weekend, making some changes to the House draft. Statistics released Wednesday showed that U.S. inflation accelerated to 1.7% in February, the highest in a year. Meanwhile, the figures matched experts' expectations, easing fears of accelerating inflation.

Dow Jones 30, H4 

Pivot: 32297.00

Analysis:

Provided that the index is traded above 32065.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 32297.00
• Take Profit 1: 32750.00
• Take Profit 2: 32990.00

Alternative scenario: 

In case of breakdown of the level 32065.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 32065.00
• Take Profit 1: 31790.00
• Take Profit 2: 31550.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 31435.00

Analysis:

While the price is above 30550.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 31435.00
• Take Profit 1: 33000.00
• Take Profit 2: 33450.00

Alternative scenario:

If the level 30550.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 30550.00
• Take Profit 1: 29850.00
• Take Profit 2: 28900.00

Comment:

RSI is bullish and indicates a mid-term uptrend.

Key levels: