Weekly Spot Outlook of Dow for 29th May to 02nd Jun

DOW

This week DOW went up 307 points over last weeks close and finally ended the week with a gain of 276 points compared to last weekly closing . 

Dow had made a life time of 21169 in the month of March and has since then been moving in a narrow trading range  .

Dow has immediate resistance near 21110 - 21215 and sustaining / closing above it we can see a move till 21385 - 21405 . Dow has immediate support near 20740 - 20660 and sustaining / closing below it we can see a move till 20500 - 20440

In the coming week Dow needs to break and sustain above 21226 to confirm uptrend and then one can expect a move till 21380 initially and breaking and sustaining above 21419 will give further confirmation of the next move which can take us till 21697. Similarly Bank Nifty spot needs to break and sustain below 20935 to confirm downtrend and then one can expect a move till 20781 initially and breaking and sustaining below 20742 will give further confirmation of the next move which can take us down till 20464

DOW Levels for the week are

Long above 21170 , Tgt 21226 - 21271 - 21316

IF Bank Nifty spot manages to get a close / sustain above 21380 then 

long again for 21419 - 21551 - 21697

Short below 20990 , Tgt 20935 - 20890 - 20845

IF Bank Nifty spot manages to get a close / sustain below 20781 then 

short again for 20742 - 20609 - 20464

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.