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In the New York pre-market, the Dow Jones Industrial Index, #INDU, is trading below the 21 SMA and above the strong 2/8 Murray support with a short-term bullish bias.
The Dow Jones futures reached the 2/8 murray zone in the European session. From that level, we noticed a technical bounce, which is targeting the 200 EMA zone located at 34,201.
On the 4-hour chart, we can notice the formation of a bullish triangle. The break above the SMA of 21 around 33,800 could give the Dow Jones more bullish strength to the 7/8 murray resistance level around 33,984 and higher up to 34,201.
The technical reading of the eagle indicator shows the upside potential that the Dow Jones has as the signal is moving away from the oversold zone above 10 points, showing that the market could reach 35,000 in the medium term.
Our recommendation is to buy the Dow Jones #INDU at current price levels, or if it consolidates above the 21 SMA and above the symmetrical triangle, with targets at 34201.
Support and Resistance Levels for May 19 – 20, 2021
Resistance (3) 34,382
Resistance (2) 34,266
Resistance (1) 34,117
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Support (1) 33,794
Support (2) 33,708
Support (3) 33,529
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