Current price: 39745
Key point: 39225
Our preferred direction: Buy positions above 39225 levels with 40100 as a first target and then 40800 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 39225 level, targeting the 39000 levels.
Technical commentary
The Dow Jones index is moving in an upward direction on the 4-hour frame from the current month's bottom from the pivotal support levels 38470-38600 forming a harmonic BAT pattern with an 88% Fibonacci retracement of the XA leg.
In case of breaking and closing above the 39830 level and above the 200 moving average, the price will head towards the 40100 levels and then the 40800 levels.
