Dow Jones Hit an All Time High of $34,800 Price Area – Will Climb Further?


Dow Jones Industrial Average sustained its bullish trend and reached $34,800 to $34,900 price area. Dow Jones hit an all-time high of $34,800 price area. Will the price climb further upward 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. 

May 10, 2021, | AtoZ Markets Dow Jones Industrial Average is currently trading around $34,780 price area and trying to push higher. After breaking over $34,200 to $34,300 key resistance area, the bulls pushed the price upside quite impulsively, and hit a fresh high of $34,800 price area. As per the current price action, the price may retrace downside towards the dynamic level of 20 EMA on the intraday chart in the coming days.

Dow Jones Hit an All Time High as the Investors Are Optimistic

DJI is currently residing near $34,780 price area and trying to climb further. However, the price broke over the Bollinger Bands’ upper band on the intraday chart.

Dow Jones hit an all time high

Image: DJI 4 Hour Chart 

According to the 4-hour chart, Dow Jones hit an all-time high and currently trading around $34,780 price area. As per the current price action, if the price faces strong resistance around $34,800 to $34,900 price area and had an impulsive bearish candle close below it, the bears may regain momentum and push the price down towards $34,300 to $34,200 support area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing far below the price. Along with the Bollinger Bands middle band. So, it may pull the price downside as a mean reversion. Besides, the Bollinger Bands’ middle band may work as a confluence of the dynamic level in the process. However, the bears may regain momentum if the price can have a 4-hour bearish candle close below the Bollinger Bands’ upper band in the days ahead.

DJI Bullish Trend May Sustain Further

According to the daily chart, Dow Jones hit an all-time high as the bulls are optimistic. As per the current scenario, if the price can have an impulsive bearish candle close below $34,900 to $34,800 price area, the price may retrace downside towards $34,300 to $34,200 price area in the coming days. So, if the price retraced towards $34,200 to $34,300 support area and bounced higher with a daily bullish candle, the bulls may sustain the bullish trend towards $34,800 to $34,900 area as a first target. The second target will be $35,400 to $35,500 price area if the price can break above $34,800 to $34,900 resistance level in the process.

Dow Jones Hit

Image: DJI Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may pull the price down as a mean reversion. Along with this, the MACD lines are currently residing above 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.

To conclude, after an extended period of volatility, the price has successfully broken above the psychological resistance level. As the overall bias is bullish, there is a high chance that DJI may continue the bullish trend further after a downside retracement in the coming days. 

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