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The Dow Jones Industrial Average is trading around 51,861 with a positive bias and within an uptrend channel that has been forming since early May.
The DJ could continue its rise in the coming days until it reaches the upper band of the uptrend channel around 52,672.
Should the Dow Jones fall below 51,562, it has strong support around 50,774, where the 200 EMA is located, and it could even find solid support near the lower band of the uptrend channel around 50,450 points.
Technically, the index is in a strong uptrend, but it is also reaching levels of exhaustion, so it is likely that a strong technical correction will follow any upward move in the coming days.
As long as the price consolidates above 51,800 points, the outlook remains bullish, and the index could even reach the +2/8 Murray level around 53,125.
The Eagle indicator has reached overbought levels; however, it is giving a positive signal. So, we should expect it to re-enter the overbought zone before the Dow Jones undergoes a technical correction.
The DJ 30 left a gap around 51,120, so technically we could expect it to fill this gap in the coming days; for that to happen, we should expect it to fall below 51,562 points.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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