After the American session opened, the Dow Jones Industrial Index #INDU was trading below the SMA of 21 in a 4-hour chart within an uptrend channel, with targets again up to the 34765 area (+1/8 from murray).
If you look at the 8/8 Murray chart, the Dow Jones Index has bounced several times in this area of 34,375 and has marked a strong bottom, which represents that even the upward force is still in the Dow Jones market.
In addition, we can see that the #INDU is located within an uptrend channel, which suggests that this downward movement in recent sessions is just a correction and there could be a new attempt to break the 34,765 barrier.
The last candle called a Pin bar, which leaves the Dow Jones, means that there could be a bullish movement, and a break of the SMA of 21 located at 34,590 will give more bullish force until the zone of +1/8 of murray.
The technical reading of the eagle indicator is showing a bullish signal and the data to be published from the United States could give the market some volatility.
Our recommendation is to buy above the 8/8 murray and above the 21 SMA on the 4-hour charts, targeting +1/8 murray (34,765).
Support and Resistance Levels for June 10 – 11, 2021
Resistance (3) 34,834
Resistance (2) 34,745
Resistance (1) 34,640
Support (1) 34,432
Support (2) 34,388
Support (3) 34,299
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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