empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

01.06.202116:35 Forex Analysis & Reviews: Trading Signal for #INDU (Dow Jones 30) for June 01 - 02, 2021: Sell below 34,750

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

At the opening of the Wall Street market, the Dow Jones Industrial Average, #INDU, was up 0.36%, consolidating above the +1/8 murray reversal level in the 34,750 zone. Yesterday in our analysis, we indicate the upward continuation of the Dow Jones, we invite you to review and take into account some data.

Exchange Rates 01.06.2021 analysis

The markets were closed on Monday for the celebration of Memorial Day in the US. So, we saw a low volume of trading and only the Dow Jones futures were moving. Now the index is showing no signs of exhaustion. The bullish force is likely to continue to the psychological level of 35,000.

Markets will be watching the NFP data for May. Investors expect it to show that the unexpectedly weak employment in April was an exception, when only 266,000 jobs were created, well below the expected million. The US economy is expected to have added 650,000 new jobs in May.

In a 4-hour chart, we can see the Dow Jones, #INDU, is breaking the +1/8 line of murray. This level acts as an extremely overbought level. It is likely that there will be a downward correction below this level.

The technical reading of the eagle indicator shows that the SMA of 21 acts as an immediate support. Therefore, a bounce around 34,500 there will be a good opportunity to continue buying with targets at 34,750 and 35,000.

Our recommendation is to sell below 34,750, given that it is an extremely overbought area. The eagle indicator is showing a downward correction signal. Hence, we can take this data into account to sell or wait for a rebound in the SMA of 21 to buy.

Support and Resistance Levels for June 01 - 02, 2021

Resistance (3) 35,271

Resistance (2) 34,970

Resistance (1) 34,764

----------------------------

Support (1) 34,557

Support (2) 34,495

Support (3) 34,396

Dimitrios Zappas
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off