Current price: 49300
Key point: 48900
Our preferred strategy: Buy positions above 48900 with a first target of 49615 and then a second target of 49750.
Alternative scenario: Stop loss and trend reversal upon breaking the 48800 level, targeting the 48400 level.
Technical commentary
The index is moving in an upward direction, above the 200-period moving average on the four-hour timeframe, above the upward trend line from last month's low, and above the key support levels of 48765-48865.
The Dow Jones is expected to reach its historic high of 49615, which it reached this week, and then potentially 49750.
