Current price: 49135
Key point: 48500
Our preferred strategy: Buy positions above 48,500 with a first target of 49,400 and then a second target of 49,840.
Alternative scenario: Stop loss and trend reversal upon breaking the 48300 level, targeting the 47850 level.
Technical commentary
The Dow Jones index managed to hold above the key support levels of 48300-48450 and above the 200-period moving average on the four-hour timeframe, suggesting a continued upward move towards 49400 and then 49840.
