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Chris Svorcik
Dow Jones Industrial Average

The Dow Jones Index (US 30) is in a strong uptrend. Although price action has recently become quite slow and choppy. Also, a rising wedge pattern is visible as well. Will the bulls be able to push through resistance to keep the uptrend alive?

Price Charts and Technical Analysis

The US30 chart needs a break above the current high at 31,263 to confirm the uptrend.

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A bullish breakout could trigger strong momentum to the upside, because price action is breaking the wedge.

A bearish break below the 21 ema zone, however, is not worrying for the bulls.

  • Price action could simply be making a deeper retracement.
  • A bullish bounce at the long trend line and moving averages is likely.
  • Only a deeper break below the long-term MAs could put the uptrend on pauze (yellow & red circles).

On the 1 hour chart, we can see that an ABC (orange) pattern has been completed at the 50% Fibonacci level. A bullish bounce seems to confirm the end of the wave 4 (green).

A bullish break above the resistance trend line (orange) could confirm the uptrend continuation. Main targets are located at $31,500 to $32,500.

Good trading,

Chris Svorcik

For a look at all of today’s economic events, check out our economic calendar.

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

 

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