Dow look to retest all-time high
- Dow has been on a strong uptrend since March 2020 covid recovery.
- The previous week, we saw bulls fighting back its losses from the last week of January. While the longer-term view is still bullish, the current level is approach all-time high level of 31,275 again. We could expect some price resistance around this level. Should bull be unable to break through, we could expect price consolidation between 29200 and 31300.
- Bulls could consider waiting for an uptrend price confirmation first before continue riding on the bull ride.
- A 23.6% and 38.2% Fibonacci retracement will see price level at around 28160 and 26265 respectively.
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