Current price: 50780
Key point: 50725
Our preferred strategy: Buy positions above 50725 with a first target of 50900 and then a second target of 51125.
Alternative scenario: Stop loss and trend reversal upon breaking the 50650 level, targeting the 50330 level.
Technical commentary
The index rose from the pivotal support levels of 50200-50330 above the 200-period moving average on the four-hour timeframe. If it breaks through the pivotal resistance level of 50725 and holds above it, the index will then head towards the 50900 level and then the 51125 level, the Dow Jones' all-time high.
