Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock indices were mostly up on Monday, approaching record highs. The Dow Jones Industrial Average Index rose 834.57 points (2.95%) to 29157.97 points by market close, the highest level since February. It showed the highest one-day growth since June 5. Earlier in the course of trading, the indicator reached a historic high, rising at some point by about 5.7%, or more than 1600 points.

Dow Jones 30, H4

Pivot: 29158.00

Analysis:

Provided that the index is traded below 29935.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 29158.00
• Take Profit 1: 28500.00
• Take Profit 2: 27860.00

Alternative scenario: 

In case of breakout of the level 29935.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 29935.00
• Take Profit 1: 30400.00
• Take Profit 2: 30900.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 29610.00

Analysis:

While the price is above 28450.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 29610.00
• Take Profit 1: 31600.00
• Take Profit 2: 32880.00

Alternative scenario:

If the level 28450.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 28450.00
• Take Profit 1: 26100.00
• Take Profit 2: 25000.00

Comment:

RSI is bullish and indicates further increase.

Key levels: