Dow Jones Industrial Average has become impulsive after rejecting $32,000 to $31,900 key level. Dow Jones Industrial Average falls below $31,200 price area. Will DJI declines further downside 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 1, 2021, | AtoZ Markets – Dow Jones Industrial Average is currently trading around $30,940 area and trying to push lower. After breaking over $30,900 to $31,000 price area, the bulls pushed the price upside, but failed to break over $31,900 to $32,000 key resistance level. As per the current scenario, the price may face strong support around $31,200 to $30,900 price area in the coming days.
Moreover, U.S. stocks performances were mixed after the end on Friday as the Dow Jones Industrial Average declined by 0.87%. However, the greatest performer of Friday on the Dow Jones Industrial Average was Apple Inc. It has climbed by 2.37% or 2.87 points to exchange at 123.86 at the end. On the other hand, the most noticeably awful performer of Friday was Salesforce.com Inc. It has fallen by 5.37% or 12.40 points to exchange at 218.68 at the end.
Dow Jones Industrial Average Falls Below As the U.S. Stocks Mixed at the Close Last Week
Dow Jones is currently residing near $30,940 price area and trying to decline. However, the price is still residing over the Kumo Cloud on the intraday chart.
Image: DJI 4 Hour Chart
According to the 4-hour chart, Dow Jones Industrial Average falls below and currently trading around $30,940 price area. As per the current price action, if the price bounces upside from $30,900 to $31,200 support level with an impulsive bullish candle, the bulls may regain momentum and recover higher towards $31,900 to $32,000 price area in the coming days. On the contrary, if the price breaks below $31,200 to $30,900 price area with an impulsive bearish candle, the bears may sustain the bearish pressure further towards $30,000 to $29,800 event area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.
DJI May Decline Further Lower
According to the daily chart, Dow Jones Industrial Average falls below and currently residing near $30,940 price area. As per the current price action context, if the price can have an impulsive bearish candle close below $31,200 to $30,900 price area, the price may decline towards $30,000 to $29,800 support level in the process. So, if the price declines towards $30,000 to $29,800 support level and bounced upside with an impulsive bullish candle, the price may recover higher towards $30,900 to $31,200 price area as a first target. The second target will be $31,900 to $32,000 key level if the price can break above $30,900 to $31,200 price area in the coming days.
Image: DJI Daily Chart
In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downside. Along with this, the MACD lines are currently residing over the 0.00 level and had a bearish intersection. It indicates that the bears may sustain the bearish further in the process.
To conclude, after an extended period of bullish momentum, DJI may retrace towards February 2021’s low. A daily close is required to identify the definite momentum in the days ahead.