Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed Tuesday's trading lower after the major indicators reached the new record highs the day before. The Dow Jones Industrial Average index declined 68.3 points (0.22%) to 30,335.67 points. U.S. Senate Republican Majority Leader Mitch McConnell blocked a vote on increasing direct payments in the new stimulus package to $2,000 from $600, CNBC reported. On Monday, the House of Representatives voted to increase the payments, which Trump had insisted on.

Dow Jones 30, H4

Pivot: 30421.00

Analysis:

Provided that the index is traded above 30300.00, follow the recommendations below:

• Time frame: H4
• Recommendation: long position
• Entry point: 30421.00
• Take Profit 1: 30600.00
• Take Profit 2: 30800.00

Alternative scenario: 

In case of breakdown of the level 30300.00, follow the recommendations below:

• Time frame: H4
• Recommendation: short position
• Entry point: 30300.00
• Take Profit 1: 30100.00
• Take Profit 2: 29900.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones 30, D1

Pivot: 30200.00

Analysis:

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

• Time frame: D1
• Recommendation: long position
• Entry point: 30200.00
• 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: