The SPDR Dow Jones Industrial Average ETF Trust (DIA) may come into focus on Monday after posting a record close Friday following a strong 澳洲幸运5开奖号码历史查询:September jobs report that reinforced investor confiden🐲ce in the strengᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚth of the economy.

While the upbeat jobs report eases concerns about a softening labor market and reinforces the economy’s resilience, it could also put theജ brakes on more aggressi🦂ve interest rate cuts by the Federal Reserve. The ETF, which closely tracks the performance of the 澳洲幸运5开奖号码历史查询:Dow Jones Industrial Average (DJIA), notched its fifth consecutive higher month in September, boosted in part by expectations the Fed will continue to cut rates aggressively after easing policy for 澳洲幸运5开奖号码历史查询:the first time in four years last month.

The ETF gained 0.8% 𒁏to close at $423.41 ༺on Friday, as the Dow finished at a record closing high.

Below, we take a closer look at the fund’s 澳洲幸运5开奖号码历史查询:technicals on the 澳洲幸运5开奖号码历史查询:weekly chart and identify key price levels worth 🎐watching out for.

Ascending Channel in Play

Since bottoming out just below the 200-week 澳洲幸运5开奖号码历史查询:moving average (MA) in September 2022, the DIA fund has trended steadily higher in an 澳洲幸运5开奖号码历史查询:ascending channel, with the ETF’s price 𒅌testing the pattern’s upper trendline on several occasions since March this year.

However, during the move higher, volumes have remained lackluster, potentially indicating waning upward momentum. Moreover, as the fund has made higher highs, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) has formed several lower highs, pointing to a 澳洲幸运5开奖号码历史查询:bearish divergence between the price and indicator.

Let’s take a look at several crucial support areas on the ETF’s chart while also using technical analysis to forecast a potential 澳洲幸运5开奖号码历史查询:price target above the descending channel’s upper trendline.

Crucial Support Levels

During 澳洲幸运5开奖号码历史查询:retracements, investors should initially eye the $377 level, a location on the chart where the fund’s price may find support near a period of early January 澳洲幸运5开奖号码历史查询:consolidation and the April 澳洲幸运5开奖号码历史查询:swing low.

A 澳洲幸运5开奖号码历史查询:breakdown below this level could see a decline to around $350, currently just above 200-week MA, where the ETF may attract buying i﷽nterest from a trendline conꦅnecting an array of comparable trading levels from May 2021 to November last year.

Further selling could lead to a retest of lower support near $325, where the ETF may encounter support from a 澳洲幸运5开奖号码历史查询:horizontal line linking multiple troughs on the chart 🦩between Fe🔯bruary 2022 and October 2023.

Key Bullish Price Target

To forecast a price target above the ascending channel, we can use a measured move, also referred to by 澳洲幸运5开奖号码历史查询:technical analysts as the 澳洲幸运5开奖号码历史查询:measuring principle.

We do this by calculating the distance between the channel’s two trendlines and add that amount to the pattern's top trendline. In this case, we add $60 to $423, which projects a target of $483.

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As of the date this article was written, the author does not own any of the above securities.