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26.11.202117:01 Forex Analysis & Reviews: Trading signal for DOW JONES 30 (#INDU) on November 26 - 29, 2021: buy in case of rebound off 34,765 (5/8)

Exchange Rates 26.11.2021 analysis

In the early hours of the American session, the Dow Jones 30 Technology Index (#INDU) is bouncing above 5/8 of murray located at 34,765. In the last 12 hours, the Dow Jones has lost more than 900 points reaching oversold levels, the biggest drop in daily charts.

According to the minutes of the US Federal Reserve, lawmakers said they would be open to increase the pace of tapering the bond-buying program and move more quickly to raise interest rates if high inflation persists.

This information convinced investors to stop investing in industrial stocks and shift focus towards high-tech stocks, denting the strength of the Dow Jones index.

In the 4-hour chart, we can see that the Dow Jones sharply broke the uptrend channel formed since October 1. This is a negative sign and its downward trend is likely to continue in the coming days. But first we should expect a technical bounce towards the 200 EMA located at 35.577.

The eagle indicator on November 26 touched the 5-point level which signals an imminent technical rebound. Supported by this indicator, we must buy the Dow Jones 30 in the next few hours with targets at 35,156 and up to the 200 EMA at 35,577.

Our trading plan for the next few hours is to buy above 5/8 at 34,765. We should expect the DJ30 to consolidate around this support to buy again targeting 35,156 and up to 200 EMA at 35,540.

Support and Resistance Levels for November 26 - 29, 2021

Resistance (3) 35,281

Resistance (2) 35,156

Resistance (1) 35,000

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Support (1) 34,765

Support (2) 34,530

Support (3) 34,375

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A trading tip for DOW JONES 30 November 26 - 29, 2021

Buy in case of rebound off 34,765 (5/8) with take profit at 35,156 (6/8) and 35,546 (200 EMA), stop loss below 34,700.

*Prezentowana analiza rynku ma charakter informacyjny i nie jest przewodnikiem po transakcji.

Dimitrios Zappas,
Ekspert analityczny InstaForex
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