Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock index Dow Jones Industrial Average rose to a new record high in trading on Wednesday amid waning worries about a possible increase in U.S. interest rates. At the same time, shares of technology companies continued to decline for the fourth session in a row.
Dow Jones 30, H4
Pivot: 34240.00
Analysis:
Provided that the index is traded above 34080.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 34240.00
- Take Profit 1: 34380.00
- Take Profit 2: 34500.00
Alternative scenario:
In case of breakdown of the level 34080.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 34080.00
- Take Profit 1: 33940.00
- Take Profit 2: 33800.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 34710.00 | 34080.00 |
| 34500.00 | 33940.00 |
| 34380.00 | 33800.00 |
Dow Jones 30, D1
Pivot: 33872.00
Analysis:
While the price is above 33120.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 33872.00
- 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 |
