Current price: 48670
Key point: 48400
Our preferred strategy: Buy positions above 48400 with a first target of 48870 and then a second target of 49000
Alternative scenario: Stop loss and trend reversal upon breaking the 48320 level, targeting the 48000 level.
Technical commentary
The Dow Jones index rose from support levels of 47775 and from the 200-period moving average on the four-hour timeframe after forming higher highs from the lows of last November.
With the price breaking through the pivotal resistance level of 48400, the index is expected to continue its upward trend towards the 48870 level, the historical peak formed during this month's trading.
