The Dow Jones #INDU, in the morning of the American session is trading near the highs of 33,800. According to the last quotes in 4-hour charts, we have seen that the index has made a correction to the 7/8 support of Murray located at 33,593.
From this level, we see that it is rebounding, and trying to maintain its bullish momentum, in a few hours the president of the FED, Chair Powel will have a speech this could move the stock market, we expect a boost to the highs of 33800.
On the other hand, the break of the symmetrical triangle above the upper line could give a good bullish momentum, and conversely a consolidation below the SMA of 34 and the break of the triangle at the bottom, could give bearish pressure until the support of EMA 200 around 33470.
Our recommendation is to wait for the break of the triangle and take positions according to the trend, we can also buy as long as it remains above 34 SMA.
The eagle indicator in 1-hour charts is showing a bullish signal and it is likely that it will try to find its highs in the next few hours.
Support And Resistance Levels For April 14 – 15, 2021
Resistance (1) 33,825
Resistance (2) 34,015
Resistance (3) 34,103
Support (1) 33,686
Support (2) 33,607
Support (3) 33,547
The material has been provided by InstaForex Company – www.instaforex.com
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