The Dow Jones Industrial Average (DJI) added 0.5% on Monday to post a record close at 40,211.72, the 澳洲幸运5开奖号码历史查询:blue-chip index’s first new 澳洲幸运5开奖号码历史查询:all-time high (ATH) since May 17 and its 20th record close this year.&n𒆙bsp; Financials, which command a 22% weighting within the index, helped power gains yesterday.

Below, we take a closer look the index’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to point out important trading levels to watch.

Breakout From Ascending Triangle

The DJIA trended sharply higher between October 2023 and March this year before consolidating within an 澳洲幸运5开奖号码历史查询:ascending triangle This pattern, which consists of a 澳洲幸运5开奖号码历史查询:horizontal line connecting a series of swing highs and a rising trendline that links at least two 澳洲幸运5开奖号码历史查询:swings lows, indicates a continuation of the index’s l🐟onger-term uptrend.

Indeed, the price broke above the pattern’s top trendline on Monday in a move that could see the index continue its climb higher throughout 澳洲幸运5开奖号码历史查询:earnings season.

🦩Mo💦nitor These Key Price Targets Amid Further Upside

To forecast a shorter-term potential 澳洲幸运5开奖号码历史查询:price target, we can use the 澳洲幸运5开奖号码历史查询:measuring principle, sometimes called the measured move technique. We do this by calculating the distance near the start of the ascending triangle in points and add that amount to the pattern’s top trendlin𒀰e. 

Therefore, we add 3,500 to 40,000, which predicts a target of 43,500. This provides a general area where the chart may face selling pressure, especially if other technical indicators point to 澳洲幸运5开奖号码历史查询:overbought conditions in the index at the same time.

We can project a longer-term price target by using a bars pattern. This involves taking a snapshot of the uptrend that preceded the ascending triangle and applying it to the May swing low,⛄ which guides a general target of around 46,615.

Keep These Levels in Mind During Retracements

Despite the bullish technicals, short-term retracements remain a possibility, especially with the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) flashing an elevated reading above the closel♈y-watched 70 threshold. During periods of profit taking, investors should monitor two key l𝔉evels.

Firstly, keep an eye on the 40,000 area, a region where the index would likely attract buyers near the ascending triangle’s top trendline and the 澳洲幸运5开奖号码历史查询:psychological round number.

Secondly, it’s also worth watching the 39,300 area, where the index’s price currently finds a confluence of support from the pattern’s lower༒ trendline and risiಌng 50-week moving average (MA).

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