Source: PaxForex Premium Analytics Portal, Technical Insight
The U.S. stock market closed trading on Wednesday at record levels amid investors' hopes for progress in developing tests and a vaccine against coronavirus. The Dow Jones Industrial Average Index rose 454.84 points (1.59%) to 29100.50 points, ending the day at 1.5% below its record high of 29551.42 on February 12.
Dow Jones Index, 30 min
Pivot: 29145.00
Analysis:
Provided that the currency pair is traded above 28000.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 29145.00
- Take Profit 1: 29300.00
- Take Profit 2: 29500.00
Alternative scenario:
In case of breakdown of the level 28000.00, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 28000.00
- Take Profit 1: 28660.00
- Take Profit 2: 28290.00
Comment:
RSI indicates an uptrend during the day.
Key levels:
Resistance | Support |
29700.00 | 28800.00 |
29500.00 | 28660.00 |
29300.00 | 28290.00 |
Dow Jones Index, D1
Pivot: 28563.00
Analysis:
While the price is above 27000.00, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 28563.00
- Take Profit 1: 29550.00
- Take Profit 2: 31140.00
Alternative scenario:
If the level 27000.00 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 27000.00
- Take Profit 1: 25950.00
- Take Profit 2: 24800.00
Comment:
RSI is bullish and indicates further growth.
Key levels:
Resistance | Support |
31350.00 | 27000.00 |
31140.00 | 25950.00 |
29550.00 | 24800.00 |