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According to the 4-hour chart, before the opening of the American session, the Dow Jones Industrial Average is trading below the SMA 21 in a strong bearish trend initiated yesterday after hitting the all-time high of 35,000.
This morning, we saw that the Dow Jones #INDU could continue its downward movement to at least the 4/8 Murray support around 34.375. If the price breaks through this area, it will be able to fall to 34.060. Earlier, this level served as strong resistance, now it acts as the nearest support.
This fall can be attributed to investors' fear of surging inflation due to the overheating of the economy. This may cause investors to transfer their capital to the sectors less vulnerable to higher inflation, for example, financial or mining companies and other commodities-related corporations.
From a technical point of view, the Dow Jones is expected to continue its decline to the 33,000 mark and then halt. Since the eagle indicator points to a bearish signal in the medium term, the index could fall to the 200-day EMA located at 33.593.
We recommend opening short positions below the SMA 21 located at 34,600 with a view to reaching the targets of 34,375 and 34,060.
As long as the Dow Jones is below the key level of 34,600, it is likely to continue coming under downward pressure. If the index breaks above this area, it is expected to resume its uptrend.
Support and Resistance Levels for May 11 - 12, 2021
Resistance (1) 34,888
Resistance (2) 35,067
Resistance (3) 35,274
Support (1) 34,487
Support (2) 34,350
Support (3) 34,106
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