Source: PaxForex Premium Analytics Portal, Technical Insight

U.S. stock indices moderately declined Monday, retreating from the record highs reached late last week. Investors are weighing the risks associated with the continued rise in COVID-19 infections and are watching the aftermath of last week's protest outside the U.S. Congress building. The Dow Jones Industrial Average index was down 89.28 points (0.29%) at 31008.69 in yesterday's trading.

Dow Jones 30, H4

Pivot: 31008.00

Analysis:

Provided that the index is traded below 31185.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 31008.00
• Take Profit 1: 30720.00
• Take Profit 2: 30500.00

Alternative scenario: 

In case of breakout of the level 31185.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 31185.00
• Take Profit 1: 31420.00
• Take Profit 2: 31690.00

Comment:

RSI indicates a downtrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 31009.00

Analysis:

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

• Time frame: D1
• Recommendation: long position
• Entry point: 31009.00
• 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: