Dow Jones Industrial Average broke over $33,200 to $33,300 price area with a weekly bullish candle close. Dow Jones hit an all-time high of $33,800 price area. What is next? The bulls to continue 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.
April 12, 2021, | AtoZ Markets – Dow Jones Industrial Average is currently trading around $33,800 price area and trying to push upside. After bouncing from $32,000 to $32,200 price area, the bulls have regained momentum and pushed the price higher quite impulsively, and successfully broke over $33,200 to $33,300 resistance level. As per the current price action, the price may retrace downside towards the dynamic level of 20 EMA on the intraday chart in the days ahead.
Dow Jones Hit an All Time High as the Investors Are Optimistic
Dow Jones is currently residing near $33,800 price area and trying to recover higher. However, the dynamic level of 20 EMA is carrying the price as strong support on the daily chart.
Image: DJI 4 Hour Chart
According to the 4-hour chart, Dow Jones hit a record high and currently trading around $33,800 price area. As per the current price action, DJI may recover further higher towards $34,000 to $34,200 price area in the coming days. So, if the price recovers higher towards $34,000 to $34,200 price area and rejects with an impulsive bearish candle, the price may retrace towards $33,300 to $33,200 area in the process.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may pull the price downside as a mean reversion. Along with this, the MACD lines are currently residing over the 0.00 level and may have a bearish crossover. Besides, the histogram has created a bearish divergence. Both indicate that the bears may regain momentum in the days ahead.
DJI May Continue the Bullish Trend
According to the daily chart, Dow Jones hit an all-time high as the bulls are optimistic. As per the current price action context, if the bulls push the price further upward and break over $34,000 to $34,200 price area, DJI may sustain the bullish trend towards $34,800 to $35,000 key area in the coming days. On the contrary, if the price rejects $34,200 to $34,000 price area with a daily bearish candle, the bears may push the price down towards $33,300 to $33,200 price area in the process.
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 upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead.
To conclude, as the overall bias is bullish, there is a high chance that the price may recover further towards $34,800 to $35,000 price area. A daily close will help to identify the definite momentum in the coming days.