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Technical Review of Dow Jones Industrial Average (INDU)

Dow Jones Industrial Average (INDU) has now rebounded strongly from its March 2020 bottom and is now challenging major resistance at 25,582-26,059, coinciding with the top of the 2009 uptrend channel, 10-mo ma, and 30-mo ma. The ability to convincingly breakout here signals the next INDU rally to 27,580, and above this to 28,403-28,893, and then to 29,569 (2/12/20 all-time high). Key initial support rises to 24,765-25,097 (May 2020 breakout and the 50-day ma), and below this to 23,730-24,060 (5/18/20 gap up), 22,790-22,942 (late-Apr 2020 and May 2020 lows), and then to 21,272,21,712.5 (bottom of the 2009 uptrend channel and Dec 2018 low). The RRG study on INDU suggests there are a lot of rotations taking place within this blue-chip index. Not all of the stocks within this blue-chip index are buyable from a technical perspective and we recommend investors need to remain stock selective.


To view the entire report you can go to the website under Reports or click on the following:


https://72150fac-a2b1-4107-bcb6-58c3b0a146d7.filesusr.com/ugd/f8f1c6_780c529e2e494be8bd895f54bfdb725a.pdf


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