Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed on Thursday with a sharp decline of the main indices amid rising U.S. government bond yields, which triggered the sell-offs on the stock market because of concerns about the potential tightening of borrowing terms. The Dow Jones Industrial Average fell 559.85 points (1.75 percent) to 3,402.01 points.

Dow Jones 30, H4

Pivot: 31230.00

Analysis:

Provided that the index is traded above 30930.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 31230.00
• Take Profit 1: 31725.00
• Take Profit 2: 32070.00

Alternative scenario: 

In case of breakdown of the level 30930.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 30930.00
• Take Profit 1: 30760.00
• Take Profit 2: 30525.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 31625.00

Analysis:

While the price is above 30740.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 31625.00
• Take Profit 1: 32200.00
• Take Profit 2: 33000.00

Alternative scenario:

If the level 30740.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 30740.00
• Take Profit 1: 29850.00
• Take Profit 2: 28900.00

Comment:

RSI is bullish and indicates a mid-term uptrend.

Key levels: