This week DOW went down 137 points over last weeks close and went up 144 points and ended the week with a gain of 120 points compared to last weekly closing.
Dow had made a new life time of 21224.01 this week breaking the high of 21169 made in the month of March .
As per the weekly levels given last week long trade would have got confirmed on breaking / sustaining above 21226 and short trade would have got confirmed on breaking / sustaining below 20935 . Dow traded with this range of 20935 - 21226 though it made a new high . 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 this week if Dow breaks and sustains above 21215 then we can see a move till 21285 - 21385 where it has a stiff resistance . Only on a consecutive close above 21390 can we see a bigger move on the upside .
In the coming week Dow needs to break and sustain above 21257 to confirm uptrend and then one can expect a move till 21318 initially and breaking and sustaining above 21333 will give further confirmation of the next move which can take us till 21442. Similarly Dow needs to break and sustain below 21143 to confirm downtrend and then one can expect a move till 21083 initially and breaking and sustaining below 21067 will give further confirmation of the next move which can take us down till 20958
DOW Levels for the week are
Long above 21235 , Tgt 21257 - 21275 - 21292
IF DOW manages to get a close / sustain above 21318 then
long again for 21333 - 21385 - 21442
Short below 21165 , Tgt 21143 - 21125 - 21108
IF DOW manages to get a close / sustain below 21083 then
short again for 21067 - 21015 - 20958
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.