Source: PaxForex Premium Analytics Portal, Technical Insight
The Dow Jones and S&P 500 indices rose on Friday, continuing their recovery from the previous session, while strong business activity data improved sentiment at the end of a volatile trading week. Markit's preliminary Purchasing Managers' Index (PMI) for the U.S. manufacturing sector rose to 61.5 points in May from 60.5 points in April. The Dow Jones index rose 0.64% to 34,302.96 points.
Dow Jones 30, H4
Pivot: 34306.00
Analysis:
Provided that the index is traded above 33770.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 34306.00
- Take Profit 1: 34550.00
- Take Profit 2: 35165.00
Alternative scenario:
In case of breakout of the level 33770.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 33770.00
- Take Profit 1: 33485.00
- Take Profit 2: 33220.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 35500.00 | 33770.00 |
| 35165.00 | 33485.00 |
| 34550.00 | 33220.00 |
Dow Jones 30, D1
Pivot: 34223.00
Analysis:
While the price is above 33120.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 34223.00
- Take Profit 1: 35085.00
- Take Profit 2: 36270.00
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 |
| 36270.00 | 32000.00 |
| 35085.00 | 30880.00 |
