The Dow Jones Industrial Average® barely moved in the past few days, consolidating sideways at a high level. As a result, the technical starting position has not changed. The low at 30,793 points provides support. The 30,674 point mark would come into play here. The bulls have to defend this price level, otherwise significant losses in the direction of 30,320 points are likely. In addition, the breakout in the previous week would prove to be a classic trap from a chart technical point of view.
If the Dow Jones Industrial Average® rises above last Thursday’s high at 31,193 points, the upward trend would be confirmed. In this case the index could continue the upward movement to 31,500 points.
Dow Jones Industrial Average® Index in points on the daily chart; 1 candle = 1 day (logical candle chart display)
Observation period: November 18, 2020 – January 12, 2021. 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: 01/01/2016 – 01/12/2021. Historical considerations are not reliable indicators for future developments. Source: www.guidants.com
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The Dow Jones contribution – unchanged starting position first appeared on onemarkets blog (HypoVereinsbank – UniCredit Bank AG).
Author: Bastian Galuschka
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