US30 (Dow Jones Industrial Average Index)
Salam and Good day,
This is only my personal opinion for educational purpose only.
The chart you shared shows the US30 (Dow Jones Industrial Average Index) on a 4-hour timeframe, with trendlines and some indicators.
Key Observations:
Symmetrical Triangle: The chart shows a symmetrical triangle pattern, indicated by converging trendlines. The price is nearing the upper boundary of this triangle, suggesting a potential breakout.
Upper resistance line around 41,600.
Lower support line appears to be around 40,700.
Price Position: The current price is hovering around 41,400 (slightly below the upper trendline). This indicates the price might test this upper resistance, with potential for either:
A breakout if it closes above the resistance (41,600), which could lead to further upward momentum.
A rejection and possible retracement toward the lower trendline around 40,700.
Indicators:
The MACD (Moving Average Convergence Divergence) indicator below the chart shows a mixed pattern, suggesting neutral momentum.
However, a bullish crossover is possible if the green bars continue to rise.
Trend: The price has followed an overall uptrend, with higher lows consistently forming, suggesting bullish strength in the broader time horizon.
My Forecast:
Bullish Scenario:
If the price breaks above the 41,600 resistance and closes above it, the next target could be around 41,800 and higher.
Bearish Scenario: if the price gets rejected at the upper trendline, it may retrace toward the lower trendline at 40,700 or even lower, testing previous support levels around 40,000.
Next Steps:
Watch for a decisive breakout above the 41,600 level with volume, as that would confirm upward momentum.
Alternatively, if the price closes below the trendline or shows rejection at current levels, a short position targeting the lower trendline might be in play.
Thanks
Mustaqim Mazuky
Independent Trader/Investor
This is only my personal opinion for educational purpose only.
The chart you shared shows the US30 (Dow Jones Industrial Average Index) on a 4-hour timeframe, with trendlines and some indicators.
Key Observations:
Symmetrical Triangle: The chart shows a symmetrical triangle pattern, indicated by converging trendlines. The price is nearing the upper boundary of this triangle, suggesting a potential breakout.
Upper resistance line around 41,600.
Lower support line appears to be around 40,700.
Price Position: The current price is hovering around 41,400 (slightly below the upper trendline). This indicates the price might test this upper resistance, with potential for either:
A breakout if it closes above the resistance (41,600), which could lead to further upward momentum.
A rejection and possible retracement toward the lower trendline around 40,700.
Indicators:
The MACD (Moving Average Convergence Divergence) indicator below the chart shows a mixed pattern, suggesting neutral momentum.
However, a bullish crossover is possible if the green bars continue to rise.
Trend: The price has followed an overall uptrend, with higher lows consistently forming, suggesting bullish strength in the broader time horizon.
My Forecast:
Bullish Scenario:
If the price breaks above the 41,600 resistance and closes above it, the next target could be around 41,800 and higher.
Bearish Scenario: if the price gets rejected at the upper trendline, it may retrace toward the lower trendline at 40,700 or even lower, testing previous support levels around 40,000.
Next Steps:
Watch for a decisive breakout above the 41,600 level with volume, as that would confirm upward momentum.
Alternatively, if the price closes below the trendline or shows rejection at current levels, a short position targeting the lower trendline might be in play.
Thanks
Mustaqim Mazuky
Independent Trader/Investor
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.