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Technical Analysis for Dow Jones Industrial, the index bounced from 0.618 FIB retracement on the weekly chart and 0.382 FIB retracement on the monthly chart. The index closed the week with a bullish engulfing candle on the weekly chart, starting a pullback. The first target for this pullback is the 0.618 FIB retracement on the weekly chart around 35 170. The second target is the high on the weekly chart at 35 824. If Dow Jones Industrial breaks above 35 824, that will send the index higher toward the all-time high at 36 952. And a break above the 36 952 will resume the weekly bullish trend and open the door for a bullish run toward the 1.618 FIB retracement at 40 000.
On the other hand, if the Down Jones industrial index break below the weekly low at 32 272, that will resume the bearish trend and send the index lower. The first target for this potential bearish breakout is the 0.618 FIB retracement on the monthly chart around 30 260.
Daily chart:
Weekly chart:
