Dow Jones Retests Former Resistance Trendline

Market Analysis – January 31

Dow Jones has recovered from the bearish plague of 2022. The major resistance trendline has been invalidated as the price of Us 30 keeps rising.

Dow Jones Key Levels

Resistance Levels: 34209.0, 35551.0, 37007.0
Support Levels: 37251.0, 31718.0, 30171.0

Dow Jones Long-term Trend: Bullish

The bearish plague of 2022 has finally ended for US 30. The value of the Dow crashed heavily. The Bulls’ attempts to create a bull’s run were all brief and fleeting. The market expected counter-trend moves in February, April, May, and July. The Moving Averages crossed multiple times to indicate the short-term pullbacks. The bearish trendline crossed the key zone at 34209.0 to form a bearish confluence. The Moving Average (periods nine and twenty-one) crossed shortly after the market reached the confluence region. The Stochastic revealed the Bears were ready like the cloudy sky in August. The ascent of the market into the cross-hair fostered the final bearish impulsive motion to 28675.0.

A double bottom chart pattern appeared immediately at 28675.0 in October after the Stochastic revealed the market was Oversold. The cross of the Moving Averages confirmed the new uptrend. The bearish trendline was broken in November as the bulls displayed their strength.

Dow Jones Short-term Trend: Ranging

The market has gyrated between 34209.0 and 32751.0 since the break of the descending trendline. The market declined from 34209.0 to test the key level. A symmetrical triangle has formed on the lower timeframe. A breakout is currently anticipated in the market to reveal the intention of the whales.

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