Source: PaxForex Premium Analytics Portal, Technical Insight
U.S. stock indices closed trading lower on Friday, posting their biggest weekly decline since October 30. Investors were assessing President-elect Joe Biden's pandemic economic aid plan COVID-19 and the quarterly results of major banks. The $1.9 trillion package presented by Biden includes, among other things, direct payments to U.S. residents, unemployment benefits supplements, and an increase in the minimum wage
Dow Jones 30, H4
Pivot: 30784.00
Analysis:
Provided that the index is traded above 30535.00, follow the recommendations below:
- Time frame: H4
- Recommendation: long position
- Entry point: 30784.00
- Take Profit 1: 30980.00
- Take Profit 2: 31260.00
Alternative scenario:
In case of breakdown of the level 30535.00, follow the recommendations below:
- Time frame: H4
- Recommendation: short position
- Entry point: 30535.00
- Take Profit 1: 30060.00
- Take Profit 2: 29820.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
Resistance | Support |
31300.00 | 30535.00 |
31260.00 | 30060.00 |
30980.00 | 29820.00 |
Dow Jones 30, D1
Pivot: 30907.00
Analysis:
While the price is above 29700.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 30907.00
- Take Profit 1: 31300.00
- Take Profit 2: 33000.00
Alternative scenario:
If the level 29700.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 29700.00
- Take Profit 1: 28480.00
- Take Profit 2: 26100.00
Comment:
RSI is bullish and indicates a mid-term uptrend.
Key levels:
Resistance | Support |
33450.00 | 29700.00 |
33000.00 | 28480.00 |
31300.00 | 26100.00 |