Dow Jones consolidates its gains 5/10/2022

The Dow Jones index achieved noticeable increases at the end of the previous trading session, surpassing the official target required to be achieved yesterday at the price of 30,080 to record its highest level at 30,395.

On the technical side today, we tend in our trading to the positive, relying on the intraday stability of the index above the 30,000 level, in addition to the success in breaching the resistance level 29,860, in addition to the stochastic positioning around the overbought areas.

Therefore, the bullish bias is preferable today, targeting 30,510/30,500, a first target, knowing that consolidation above the mentioned level extends the index’s gains, opening the door to 30,630.

Activating the suggested scenario, the index price remains stable above 29,860, and most importantly 29,835, and the decline below the last level puts the price under negative pressure, to retest 29,440.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 29835	R1: 30510
S2: 29440	R2: 30790
S3: 29160	R3: 31185