Dow Jones Holding the Bullish Bias Over $33,000 Price Area – Will Continue Further?


Dow Jones Industrial Average bulls strike higher after bouncing from $32,000 to $32,200 support level. Dow Jones is holding the bullish bias over $33,000 key area. Will DJI 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. 

March 29, 2021, | AtoZ Markets – Dow Jones Industrial Average is currently trading around $33,070 price area and trying to recover higher. After retracing lower towards $32,200 to $32,000 price area, the price found support at the dynamic level of 20 EMA on the daily chart and surged upside. As per the current price action, the price may face strong resistance around $33,000 to $33,300 price area in the coming days.

Moreover, the Dow Jones Industrial Average has acquired 1.39% to hit another record high, at the end of the NYSE. However, the greatest performers of the session on the Dow Jones Industrial Average were Intel Corporation. It has climbed by 4.60% or 2.85 points to exchange at 64.87 at the end. On the other hand, the most exceedingly terrible performers of the session were Goldman Sachs Group Inc. It has fallen by 0.96% or 3.16 points to exchange at 327.39 at the end.

Dow Jones Holding the Bullish Bias as the Investors Are Optimistic

Dow Jones is currently residing near $33,070 price area and trying to climb upward. However, the price hit an all-time high after breaking above $32,000 to $32,200 resistance level last week.

Dow Jones Holding

Image: DJI 4 Hour Chart

According to the 4-hour chart, Dow Jones is holding the bullish bias and currently trading around $33,070 price area. As per the current price action, if the price pushes further upside and breaks above $33,000 to $33,300 price area, the price may recover higher towards $33,800 to $34,000 key area in the process. On the contrary, if the price rejects $33,000 to $33,300 price area with an impulsive bearish candle, the bears may regain momentum and decline towards $32,200 to $32,000 price area again in the coming days.

In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may hold the price as strong support in the days ahead. Also, the MACD lines are currently residing above the 0.00 level and may have a bullish crossover. It indicates that the bulls may sustain the bullish bias further in the coming days.

DJI May Sustain the Bullish Trend

According to the daily chart, Dow Jones is holding the bullish bias as the bulls are optimistic. As per the current scenario, if the price can break above $33,000 to $33,300 price area with an impulsive bullish candle, the bulls may sustain the bullish bias further towards $33,800 to $34,000 price area as a first target. The second target will be $34,800 to $35,000 price area if the price can break above $33,800 to $34,000 price area in the coming days.

Dow Jones Holding

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 hold the price as strong support in the process. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the days ahead.

To conclude, as long as the price residing over the dynamic level of 20 EMA, the bias will remain bullish. A daily close will help to identify the definite momentum in the coming days. 

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