The Dow Jones Industrial Average is pressing against a key resistance zone near 40,860, the neckline of a double-bottom pattern after rebounding sharply from its mid-April low:
📈 Strong 2-week rally from sub-37K lows
🔵 Price attempting to break the neckline after reclaiming the 50-day SMA
📊 RSI near neutral at 51 – plenty of room to run
📉 MACD accelerating upward, hinting at bullish momentum
If price clears and holds above 40,860, bulls could target a move back toward 42,500–43,000. Failure to break this zone may trigger a pullback toward the 50-day SMA near 41,500.
The setup is constructive — but the bulls need confirmation.
-MW
📈 Strong 2-week rally from sub-37K lows
🔵 Price attempting to break the neckline after reclaiming the 50-day SMA
📊 RSI near neutral at 51 – plenty of room to run
📉 MACD accelerating upward, hinting at bullish momentum
If price clears and holds above 40,860, bulls could target a move back toward 42,500–43,000. Failure to break this zone may trigger a pullback toward the 50-day SMA near 41,500.
The setup is constructive — but the bulls need confirmation.
-MW
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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.