Technical analysis

Dow Jones Wave Analysis 20 May, 2021

• Dow Jones reversed from support level 33500.00

• Likely to rise to resistance level 35000.00

The Dow Jones Industrial Average index recently reversed up from the support level 33500.00 (which stopped the previous corrections (a) and (iv)).

The support zone near the support level 33500.00 was strengthened by the lower daily Bollinger Band, 50-day moving average and by the 38.2% Fibonacci correction of the upward impulse from March.

Dow Jones index is likely to rise further toward the next resistance level 35000.00 (former top of the previous minor correction (b))).

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