The industrial index Dow Jones 30 (#INDU) is trading below the 21 SMA and below the support of 8/8 murray. The DJ30 reached a key support at 35,815, a technical bounce around this zone is likely to take place.
Since November 8, the Dow Jones has been trading within a downtrend channel. A pullback to the 21 SMA could resume the bearish movement with the targets towards the bottom of the bearish channel around 35,670.
at this level too.
Our forecast for the next few hours is to buy above the weekly support at 35.848. A technical bounce at the bottom of the downtrend channel will also be an opportunity to buy with the targets at 35,937 and 36,023.
Support and Resistance Levels for November 18 - 19, 2021
Resistance (3) 36,98
Resistance (2) 36,014
Resistance (1) 35,937
----------------------------
Support (1) 35,753
Support (2) 35,632
Support (3) 35,546
***********************************************************
A trading tip for DOW JONES 30 for November 18 - 19, 2021
Buy above 35,848 (weekly support) with take profit at 36,023 (SMA 21) and stop loss below 35,785.
