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16.04.202116:28 Forex Analysis & Reviews: Trading Signal for Dow Jones #INDU for April 16, 2021: Buy above 33,900

Exchange Rates 16.04.2021 analysis

The Dow Jones futures, #INDU, rose 0.2% before the opening of the American session. In the 1-hour chart, we note that it maintains a strong upward trend.

The 1-hour chart shows that the Dow Jones, #INDU, is located above the SMA of 21 located at 33,920, and faces a daily resistance at 34,000, as the bullish momentum is clearly prevailing. It could surpass this mark and reach 34,200 levels in the short term.

On the other hand, a technical bounce at the 21 SMA would be a good opportunity to buy with a target at 34,000 and 34,200.

On the contrary, a break of the daily support around 33,880, could be a sign of a change in trend and will open the possibility to sell with objective at the EMA of 200 located at 33,560.

Our recommendation for now and until next week is to buy for up to 33,900, with targets up to the new highs made by the Dow Jones. Do not always forget a good risk management.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
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