Dow Jones Industrial Averages Weekly Technical Analysis

3 Apr

(1) We have witnessed a sharp fall from 29,500 level in Feb’20. This was almost 38% fall from the top. Market had gone in a oversold zone.

(2) Around 18,300 level, price found a support and bounced back from this level.

(3) With an upside rally, price managed to breakout its previous resistance.

(4) After the breakout, we have seen a sharp upside rally further and the price reached at 36,950 level.

(5) A corrective decline has been seen from there and the price started making lower highs and lower lows at reached to 28,800 level.

(6) Price again bounced back from there and gave a upside move.

(7) In this entire consolidation phase, a Cup & Handle chart pattern has been formed, which gave us positive indication.

(8) With a strong breakout of the Cup & Handle pattern, price started its journey upside.

(9) Currently the price is standing near its All Time High. More upside move is expected from here.