Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed the trading session at record highs thanks to hopes for agreement in Washington on an additional bailout package by the end of 2020. Investors largely ignored the data published on Thursday, which showed weakness in the economy amid the renewed spread of COVID-19, and focused on the fact that the negotiators in the U.S. Congress are close to passing another package of assistance to workers and businesses affected by the pandemic.

Dow Jones 30, H4

Pivot: 30270.00

Analysis:

Provided that the index is traded above 30075.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 30270.00
• Take Profit 1: 30320.00
• Take Profit 2: 30460.00

Alternative scenario: 

In case of breakdown of the level 30075.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 30075.00
• Take Profit 1: 29820.00
• Take Profit 2: 29650.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 30038.00

Analysis:

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

• Time frame: D1
• Recommendation: long position
• Entry point: 30038.00
• 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: