Dow Jones Industrial Average has become volatile, but still holding the bullish bias over $33,000 price area. Dow Jones sustains above $33,000 psychological price area. Will DJI strikes 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.
April 5, 2021, | AtoZ Markets – Dow Jones Industrial Average is currently trading around $33,150 price area and trying to push higher. After reaching $33,000 to $33,300 resistance area, the price has experienced some selling pressure. However, the bulls have managed to hold the price over $33,000 price area with a daily bullish candle. As per the current price action, DJI may face strong resistance again around $33,000 to $33,300 price area in the coming days.
In addition, the investors are having the March nonfarm payrolls report a bit delayed, with markets shut toward the week’s end for Good Friday. The solid bounce in the U.S. work development, compounded with speeding up antibody rollout, is giving investors reestablished eagerness after the S&P 500 beat the 4,000 achievements interestingly on Thursday. Overnight, the index rose another 0.5%, alongside the Nasdaq and Dow Jones Industrial Average.
Dow Jones Sustains Above as the Overall Bias Is Bullish
Dow Jones Industrial Average is currently residing near $33,150 price area and trying to recover further. However, on the Intraday chart, we can see the price is consolidating between the ranges of $33,000 to $33,300 price area.
Image: DJI 4 Hour Chart
According to the 4-hour chart, Dow Jones sustains above and currently trading around $33,150 price area. As per the current price action, if the price can break over $33,000 to $33,300 resistance area with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $33,800 to $34,000 price area in the days ahead. Alternatively, if the price rejects $33,300 to $33,000 price area with a bearish candle, the bears may regain momentum and decline towards $32,200 to $32,000 price area again in the process.
Moreover, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upside. 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 coming days.
DJI Bulls May Continue Further
According to the daily chart, Dow Jones sustains above and currently trading around $33,150 price area. As per the current scenario, if the price can have an impulsive daily bullish candle close above $33,000 to $33,300 price area, the bulls may sustain the bullish trend towards $33,800 to $34,000 key area in the days ahead.
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 work as strong support to push the price further upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.
To conclude, after an extended period of volatility, the price had a daily bullish pin bar close above $33,000 price area. So, there is a high chance that DJI may continue the bullish trend further in the days ahead.