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:

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: