Dow Jones 30 Chart Technical Outlook (US30) bulls to focus on 34,910, We have seen continued buying pressure since posting the 34,010 swing low. Although we do have some bespoke resistance located at 34,620, the mild correction has been bought into and we look for losses to be limited.
Our next bespoke resistance level is located at 34,950. With this being close to the projected barrier for the bearish Bat formation at 34,910, we look to this zone to be the next focus of the index buyers.
Conclusion: There is no clear indication that the upward momentum is faltering. We look to 34,910-50 as the next substantial upside barrier.
Resistance: 34,910 (projected), 34,950 (bespoke), 35,465(cycle complete)
Support: 34,376 (bespoke), 34,325 (61.8%), 31,010 (swing low)
PoC (Point of Control) Open – 34,127 (August 25)