The Dow Jones Industrial Average® worked very well off the recovery potential in Monday trading, which was recently estimated at 27,668 points. The interim high was even marked slightly above at 27,723 points. However, as trading continued, buyers had to pay tribute to the important Fibonacci resistance. The index turned south again, but yesterday defended the support level consisting of EMA50 and gap upper edge at 27,360 points. The start of the new quarter tomorrow will have to bring about important directional decisions for the next trading days, possibly even trading weeks. Because the Dow Jones Industrial Average® is currently directly below the trigger line of a large S-K-S formation. So far, the movement to the north is nothing more than a bearish pullback to this trigger line. If the index falls below 27,360 points, it should at least close the gap at 27,239 points. Below 27,070 points, the risk of slipping again in the direction of the EMA200 increases.
If the index climbs above 27,723 points, in addition to the 61.8% fibonacci retracement of the recent downward trend at 27,667 points, the intermediate high there would also be overcome and the index could continue to gain significantly. For this positive scenario, goals can be given at 28,170 and 28,365 points.
Dow Jones Industrial Average® Index in points on the daily chart; 1 candle = 1 day (logical candle chart display)
Observation period: August 5th, 2020 – September 29th, 2020. Historical considerations are not reliable indicators for future developments. Source: www.guidants.com
Dow Jones Industrial Average® Index in points on the monthly chart; 1 candle = 1 month (logical candle chart display)
Observation period: 01.09.2015 – 29.09.2020. Historical considerations are not reliable indicators for future developments. Source: www.guidants.com
Turbo Bull on the Dow Jones Industrial Average® Index for speculation that the index will rise
|Underlying||WKN||Ask rate / EUR||Base price / knock-out in pts.||lever||Final valuation date|
|Dow Jones® Index||HR0J3H||43.79||22,550.00||5.41||10/30/2020|
|Dow Jones® Index||HR0J57||18.98||25,450.00||12.46||10/30/2020|
Source: HypoVereinsbank onemarkets; As of: 09/30/2020; 3:34 pm
Turbo Bear on the Dow Jones Industrial Average® Index for speculation that the index may lose value
|Underlying||WKN||Ask rate / EUR||Base price / knock-out in pts.||lever||Final valuation day|
Source: HypoVereinsbank onemarkets; As of: 09/30/2020; 3:36 pm
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The contribution Dow Jones – end of pullback or new uptrend? first appeared on onemarkets blog (HypoVereinsbank – UniCredit Bank AG).
Author: Bastian Galuschka
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