DJI 30 (US30) Chart Technical Outlook set to extend higher to 34,116
The fact that the war in the Middle East has not escalated over the weekend has resulted in a relief rally in global indices.
The eight-hour chart highlights a complex 5-3-5 correction completed at 32,827. This would indicate that we are now within the next bullish cycle.
Bespoke resistance is located at 34,116. The prime medium-term barrier is located at 36,215. A 261.8% extension from 32,827-34,116 is located at 36,216.
Conclusion: the medium-term focus is to the upside. Although there is scope for a mild correction from 34,116, we look for dips to be bought. Prime support is the previous swing low from September 27 at 33,318.
Resistance: 34,116 (bespoke), 34,384 (AB), 36,216 (261.8%)
Support: 33,546 (projected right shoulder), 33,318 (base from September 27), 32,827 (swing low)
