Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices barely changed at the close of trading Friday as investors sold technology stocks and went into cyclical securities, which are expected to be in a favorable position when the pandemic recedes. The Dow Jones Industrial Average index was unchanged at the close of trading, remaining at 31,494.32 points.

Dow Jones 30, H4

Pivot: 31494.00

Analysis:

Provided that the index is traded above 31200.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 31494.00
• Take Profit 1: 31650.00
• Take Profit 2: 32000.00

Alternative scenario: 

In case of breakdown of the level 31200.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 31200.00
• Take Profit 1: 30800.00
• Take Profit 2: 30550.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 31494.00

Analysis:

While the price is above 30500.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 31494.00
• Take Profit 1: 32200.00
• Take Profit 2: 33000.00

Alternative scenario:

If the level 30500.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 30500.00
• Take Profit 1: 29850.00
• Take Profit 2: 28900.00

Comment:

RSI is bullish and indicates a mid-term uptrend.

Key levels: