Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market grew at the end of trading on Friday. Dow Jones rose 4.1 percent and S&P 500 2.16 percent for the week after Pfizer (NYSE: PFE) Inc. announced Monday it had 90 percent effective coronavirus vaccine it is developing with German BioNTech.
Dow Jones 30, H4
Pivot: 29350.00
Analysis:
Provided that the index is traded above 28450.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 29350.00
- Take Profit 1: 29940.00
- Take Profit 2: 31300.00
Alternative scenario:
In case of breakdown of the level 28450.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 28450.00
- Take Profit 1: 27570.00
- Take Profit 2: 26100.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
| Resistance | Support |
| 32880.00 | 28450.00 |
| 31300.00 | 27570.00 |
| 29940.00 | 26100.00 |
Dow Jones 30, D1
Pivot: 29440.00
Analysis:
While the price is above 28450.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 29440.00
- 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:
| Resistance | Support |
| 34500.00 | 28450.00 |
| 32880.00 | 26100.00 |
| 31600.00 | 25000.00 |
