Dow Jones on Positive Side, Eyes on Fed

Positive trading dominated the movements of the Dow Jones Industrial Average, recording its highest level 30,396.

On the technical side, the intraday movements of the index are witnessing a bullish bias benefiting from the intraday stability above the psychological barrier 30,000 support floor, and we find that the RSI indicator is still getting positive signs that support the occurrence of an upward slope.

Therefore, confirming the breach of minor resistance 30,300 is a positive factor that enhances the chances of a rally towards 30,430, a first target, noting that the breach of the first targeted level extends the index’s gains, opening the way directly towards 30,530.

Trading below 30,000 will negate the bullish scenario, and we may witness selling pressure, with its initial target 29,780.

Note: The risk level may be high today.

S1: 30000	R1: 30430
S2: 29775	R2: 30625
S3: 22580	R3: 30850