In the early American session, the Dow Jones Industrial Average, #INDU, is trading below the SMA of 21 located at 33,980. Forming a channel slightly sloping downward.
At this time of writing, we note the Dow Jones #INDU, which is down 0.21%, following a new round of quarterly results from companies related to this index.
Investors are very attentive and keeping an eye on the FED meeting. No changes are expected, the tone and signals from the Fed will be key. This data could give the Dow Jones strong volatility.
On the technical level, the Dow Jones #INDU, in 4-hour charts is trading below the SMA of 21 located at 33,980, it is expected to exert pressure below this level until it finds support at the floor of the channel around 7 / 8 of murray at 33,593.
A break of this level is expected to support the 200 EMA at 33,300, which is giving the Dow Jones market bullish strength, and a definitive break of this level could change the trend.
Our recommendation is to sell below the 21 SMA, or if there is a pullback to the top of the bearish channel it will be a good selling opportunity, targeting 33,593.
Support And Resistance Levels For April 28 - 29, 2021
Resistance (1) 33,846
Resistance (2) 33,930
Resistance (3) 34,053
Support (1) 33,722
Support (2) 33,629
Support (3) 33,513
