Dow Jones Building on Support 9/2/2022

The Dow Jones Industrial Average benefited from the support floor mentioned during the last report, at 34,930 price, which forced the index to rebound to the upside to retest the 35,500 level.

On the technical side today, we find that the RSI continues to defend the bullish bias, in addition to stochastic positioning around the overbought areas.

We may witness a bullish tendency during today’s trading session, provided that the 35,500 breach is confirmed, and that may extend the index’s gains to visit 35,670 initial stations, its targets may extend to visit 35,800, which may extend later towards 35,850 as long as the price is stable above 35,095.

The Decline below 35,090 and the price stability constitute a pressure factor on the index price to retest 34,730.

Note: The risk level is high.

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

S1: 35095	R1: 35670
S2: 34730	R2: 35870
S3: 34530	R3: 36245