After breaking the high of 27th November 2019 at 28169.58, Dow Jones bulls started its bullish rally. But the DJI bulls lost their strength due to ongoing crisis between Iran and the US. However, the Dow Jones Index regained its bullish momentum after the tension seized between the U.S and Iran. Currently, Dow bulls have managed to secure a new high at 28956.90 on 9th January. Dow Jones index might heads towards the next major resistance level at 29200.00 mark. But breaking above that level might be tough since deeper correction usually takes place after such extended rally.
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On the downside, the imminent target for the Dow Jones bears is the support zone at 28379.61. Breaking below this level might push the Index towards the 28169.58 zones. This level might provide strong support and refuel the Dow Jones bulls. However, a daily closing of the price below that level might result in a sharp fall. Eventually, price is most likely to head south and test the support at 27369.47. But such an extended downfall in the price of Dow Index might require extensive uncertainty in global politics. And things are slowly settling down for U.S Iran which adverse such a bigger drop. Considering the technical and fundamental parameters, we might experience a small correction in the Dow Jones Index.Download our latest quarterly market outlook for our longer-term trade ideas.
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