Dow Jones bulls regained momentum and broke above $31,800 to $32,000 key resistance level. Dow Jones reached an all-time high of $32,790 price area. What is next? Bulls to sustain the bullish bias 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 15, 2021, | AtoZ Markets – At the end of the NYSE, the Dow Jones Industrial Average climbed by 0.90% to hit another record-breaking high, while the S&P 500 index acquired 0.10%, and the NASDAQ Composite index has lost 0.59%. Dow Jones Industrial Average is currently trading around $32,760 area and trying to push higher. After bouncing from $30,500 to $30,800 support level, the bulls regained momentum and pushed the price upside quite impulsively, and hit a record high of $$32,790 price area. As per the current price action, the price may revert back to the mean on the daily chart in the coming days.
Dow Jones Reached an All-Time High as the Investors Are Optimistic
Dow Jones Industrial Average is currently residing near $32,760 area and trying to continue the bullish bias further. However, the price also found support at the Kumo Cloud on the daily chart.
Image: DJI 4 Hour Chart
According to the 4-hour chart, Dow Jones reached an all-time high and currently trading around $32,760 price area. As per the current scenario, the price may recover towards $33,000 to $33,300 price area in the coming days. So, if the price climbs towards $33,000 to $33,300 price area and rejects with an impulsive bearish candle, the bears may regain momentum and push the price downside towards $32,000 to $31,800 support area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may pull the price down as a mean reversion. Besides, the Stochastic Oscillator lines are currently residing above the overbought level 80 and may have a bearish crossover. It indicates that the bears may regain momentum in the process. Moreover, the Fibonacci level 1.618 residing around $33,000 to $33,300 price area, which may work as strong resistance in the days ahead.
DJI May Revert Back to the Mean
According to the daily chart, Dow Jones reached an all-time high as the bulls are optimistic. As per the current price action, if the price reached $33,000 the $33,300 key area and rejects with a daily bearish candle, the price may retrace towards $32,000 to $31,800 support area in the coming days. So, if the price retraced towards $32,000 to $31,800 support level and bounced upward with an impulsive bullish candle, the bulls may sustain the bullish trend towards $33,000 to $33,300 price area again in the process.
Image: DJI Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may pull the price downside as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, after an extended period of volatility, the bulls have successfully regained momentum and pushed the price to a new high. After an impulsive bullish breakout, the price needs a downside retracement at least towards the dynamic level before continuing the bullish trend further in the days ahead.