Dow Jones tests the strength of support 24/3/2022

The Dow Jones Industrial Average failed to continue its bullish path during the previous session’s trading after finding a solid resistance level around 34,790, which represents an essential and fundamental condition to continue achieving gains, recording its lowest price of 34,212.

On the technical side, the 50-day moving average still represents a protection factor for the bearish correction that occurred yesterday and meets around 34,100, which increases the possibility of a rise again, on the other hand, the price stability intraday below the 34,400 resistance level is an obstacle.

With the technical signals conflicting, we prefer to wait. Knowing that stability above 34,100 helps the index gather more bullish momentum to visit 34,500 and 34,650. At the same time, declining below the mentioned support might force the index to enter a solid descending wave with initial targets are around 33,865 & 33,530.

Note: The risk level is high.

Note: CFD trading involves high risk; all scenarios may occur.

S1: 34085	R1: 34650
S2: 33865	R2: 35000
S3: 33520	R3: 35225