Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed Tuesday's trading on the rise as the market was watching the key election in Georgia which will determine whether Republicans retain the majority in the Senate. The market is under pressure from the continued high incidence of COVID-19, with more than 196,000 new cases and more than 2,000 deaths in the U.S. on Monday. At the same time, a new variety of coronavirus, which forced the UK authorities to introduce a new lockdown, was also detected in New York. The Dow Jones Industrial Average index rose 167.71 points (0.55%) to 30391.6 points on Tuesday.

Dow Jones 30, H4

Pivot: 30390.00

Analysis:

Provided that the index is traded above 30160.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 30390.00
• Take Profit 1: 30520.00
• Take Profit 2: 30670.00

Alternative scenario: 

In case of breakdown of the level 30160.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 30160.00
• Take Profit 1: 29880.00
• Take Profit 2: 29750.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 30118.00

Analysis:

While the price is above 28900.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 30118.00
• Take Profit 1: 31300.00
• Take Profit 2: 32300.00

Alternative scenario:

If the level 28900.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 28900.00
• Take Profit 1: 27570.00
• Take Profit 2: 26100.00

Comment:

RSI is bullish and indicates a mid-term uptrend.

Key levels: