Dow Jones Strikes Over $34,500 Price Area – Bulls To Continue Higher?


Dow Jones Industrial Average bulls have regained momentum and climbed above $34,400 to $34,500 price area. Dow Jones strikes over $34,500 resistance area. The Bulls to continue further higher 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 31, 2021, | AtoZ Markets – Dow Jones Industrial Average is currently trading around $34,535 price area and trying to push lower. After an extended period of volatility, the bulls have successfully regained momentum and surged above $34,400 to $34,500 psychological resistance area. As per the current price action context, the price may retrace downside towards $34,500 to $34,400 price area in the coming days.

Dow Jones Strikes Over as the Investors Are Still Optimistic

Dow Jones is currently residing near $34,535 price area and trying to retrace lower. However, the price also broke over the dynamic level of 20 EMA on the intraday chart.

Dow Jones Strikes

Image: DJI 4 Hour Chart 

According to the 4-hour chart, Dow Jones strikes over and currently trading around $34,535 price area. As per the current price action, the price may retrace downward towards $34,500 to $34,400 price area in the process. So, if the price retraced lower towards $34,500 to $34,400 price area and bounced upward with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $34,900 to $35,000 key area 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 process. Along with this, the MACD lines are currently residing above the 0.00 level and gradually moving upside. It indicates that the bulls may continue the bullish pressure further in the days ahead.

DJI May Hit an All-Time High

According to the daily chart, Dow Jones strikes over as the bulls are optimistic. As per the current scenario, if the price can have an impulsive daily bullish candle close above $34,400 to $34,500 price area, the bulls may sustain the bullish trend towards $34,900 to $35,000 price area as a first target. The second target will be $35,400 to $35,500 price area if the price can break above $34,900 to $35,000 resistance area in the coming days.

Dow Jones Strikes

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 work as strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.

To conclude, as long as the bulls holding the momentum above $34,400 to $34,500 support level, the bias will remain bullish. An impulsive daily close is required to identify the definite momentum in the coming days. 

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