Dow Jones Faced Resistance Around $33,250 Price Area – What Next?


Dow Jones bears have regained momentum after hitting an all-time high of $33,000 to $33,250 price area. Dow Jones faced resistance around $33,250 key area. What is next? Bulls to sustain the bullish trend further in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s DJI Technical Analysis.

March 22, 2021, | AtoZ Markets – Dow Jones Industrial Average is currently trading around $32,617 price area and trying to retrace lower. After bouncing from $30,500 to $30,700 support level, the bulls pushed the price higher quite impulsively and created a fresh high around $33,000 to $3,250 price area. As per the current price action, the price may retrace towards the dynamic level of 20 EMA on the daily chart in the days ahead.

Moreover, the Dow Jones Industrial Average fall by 0.71% at the end of last week, while the S&P 500 index declined by 0.06%, and the NASDAQ Composite index recovered by 0.76%. However, the best performers of the session were Home Depot Inc (NYSE:HD) on the Dow Jones Industrial Average, which has climbed by 2.10% or 5.94 points to exchange at 289.10 at the end. On the contrary, the most exceedingly awful performers were Visa Inc Class A (NYSE:V), which has declined by 6.24% or 13.76 points to exchange at 206.90 at the end.

Dow Jones Faced Resistance as the Price Requires a Downside Retracement

Dow Jones is currently residing near $32,617 price area and trying to decline. However, the price is facing support at the dynamic level on the intraday chart.

Dow Jones Faced Resistance

Image: DJI 4 Hour Chart

According to the 4-hour chart, Dow Jones faced resistance and currently trading around $32,617 price area. As per the current price action, if the price can break below the dynamic level with an impulsive bearish candle, the price may retrace towards $32,200 to $32,000 price area in the process. So, if the price retraced towards $32,200 to $32,000 support level and bounced upside with a bullish candle, the bulls may regain momentum and recover higher towards $33,000 to $33,200 price area again in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support in the coming days. So, the price needs to break below the dynamic level to decline further downside. Also, the MACD lines are currently residing above the 0.00 level and had a bearish crossover. It indicates that the price may retrace further lower in the coming days.

DJI May Sustain the Bullish Trend

According to the daily chart, Dow Jones faced resistance, but the overall bias is still bullish. As per the current scenario, if the price retraces towards $32,200 to $32,000 support level and bounced upside with an impulsive bullish candle, the bulls may continue the bullish trend towards $33,000 to $33,250 price area as a first target. The second target will be $34,000 to $34,500 price area if the price can break above $33,000 to $33,250 resistance level in the coming days.

Dow Jones Faced Resistance

Image: DJI Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as a strong support to push the price upward. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process.

To conclude, after an impulsive bullish momentum, the price requires a downside retracement at least towards $32,200 to $32,000 support level. An impulsive daily close is required to identify the definite momentum in the coming days. 

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