DJIA is testing the key 35000 level
DJIA is in the extension of the long-term bullish trend and is testing the long-term strong resistance confluence 35000 for a breakout higher and a run to 38500 and higher. This is a strong horizontal upside resistance just before the 200% Schiff Pitchfork channel extension after breaking above the upper channel resistance30000. A breakout above 35800 is needed in the long run for the upside extension to 38600 and higher.
On the weekly chart, we can see that a recent rectangle swing high is obviously a confirmed resistance from the monthly chart 35000. A rejection here could lead to another swing pullback to 33000, and a break above will lead to a test of 200% Schiff Pitchfork channel resistance test 35750.
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts. Also, you have the chance to see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Live Training Mentoring.
