The Dow Jones 30 #INDU is located above the SMA of 21 in 4-hour charts, after having consolidated and rebounded. The last candles show that the upward movement could continue, as it also remains above the psychological level of 35,000 points.
Observing the 4-hour chart we can notice the formation of the pattern called the Bullish Pennant. A break and consolidation above the downward pressure line around 35.060 will be a good opportunity to buy with targets at the 7/8 Murray line located at 35,546.
On the contrary, if the Dow Jones breaks the SMA of 21 and consolidates below it, we expect a bearish sequence to as far as the support zone of the EMA 200. This level represents a good point to be able to buy again.
The technical reading of the Eagle indicator shows that the Dow Jones has upside potential for the next few days, so as long as it remains above 34,765, we can continue to buy.
Support and Resistance Levels for August 10 - 11, 2021
Resistance (3) 35,366
Resistance (2) 35,286
Resistance (1) 35,122
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Support (1) 34,957
Support (2) 34,869
Support (3) 34,759
The material has been provided by InstaForex Company - www.instaforex.com