Source: PaxForex Premium Analytics Portal, Technical Insight
The major Wall Street indices are declining on Monday after a sharp rebound at the end of last week. Signs of rising inflationary pressures in the economy caused investors to worry about the Federal Reserve Bank tightening monetary policy. The Dow Jones index fell 0.50% to 34,209.76 points.
Dow Jones 30, H4
Pivot: 34200.00
Analysis:
Provided that the index is traded above 34160.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 34200.00
- Take Profit 1: 34570.00
- Take Profit 2: 34745.00
Alternative scenario:
In case of breakout of the level 34160.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 34160.00
- Take Profit 1: 33840.00
- Take Profit 2: 33555.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 35085.00 | 34160.00 |
| 34745.00 | 33840.00 |
| 34570.00 | 33555.00 |
Dow Jones 30, D1
Pivot: 34200.00
Analysis:
While the price is above 33120.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 34200.00
- Take Profit 1: 34930.00
- Take Profit 2: 35530.00
Alternative scenario:
If the level 33120.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 33120.00
- Take Profit 1: 32000.00
- Take Profit 2: 30880.00
Comment:
RSI is bullish and indicates a mid-term uptrend.
Key levels:
| Resistance | Support |
| 37125.00 | 33120.00 |
| 35530.00 | 32000.00 |
| 34930.00 | 30880.00 |
