US30 (Down Jones Industrial) Long Term Strong Bullish Bias
**Monthly Chart**
last month's candle closed bullish and created a new historical high moving towards new targets at 38000 and 40000 respectively. The long-term trend remains bullish from year 2009.
**Weekly Chart**
US30 was in a range after it created a high in Jan 2022 at 36936.25 level (just shy from 37000) and 29000 low level Oct 2022. However, the price didn’t break the long-term bullish structure which was a strong indication for the price to bounce from the the new demand level and move higher. Therefore, the long-term bias is bullish.
**Daily Chart**
The price didn’t retrace from the previous bounce in Nov 2023 and continued into a straight line upward movement only to create a symmetrical triangle pattern in Dec 2023. The symmetrical triangle pattern is neutral and it does not indicate any reversal movement.
There are two scenarios in this case: 1. The price might break the symmetrical triangle and continue to move higher or 2. The price breaks the symmetrical triangle and moves lower as a short-term directional bias.
In the second case, I will be interested to see if the price moves at least 50% of the previous move down before the price made the new high.
last month's candle closed bullish and created a new historical high moving towards new targets at 38000 and 40000 respectively. The long-term trend remains bullish from year 2009.
**Weekly Chart**
US30 was in a range after it created a high in Jan 2022 at 36936.25 level (just shy from 37000) and 29000 low level Oct 2022. However, the price didn’t break the long-term bullish structure which was a strong indication for the price to bounce from the the new demand level and move higher. Therefore, the long-term bias is bullish.
**Daily Chart**
The price didn’t retrace from the previous bounce in Nov 2023 and continued into a straight line upward movement only to create a symmetrical triangle pattern in Dec 2023. The symmetrical triangle pattern is neutral and it does not indicate any reversal movement.
There are two scenarios in this case: 1. The price might break the symmetrical triangle and continue to move higher or 2. The price breaks the symmetrical triangle and moves lower as a short-term directional bias.
In the second case, I will be interested to see if the price moves at least 50% of the previous move down before the price made the new high.
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