Dow Jones: Dow Jones May See Bullish Slope 16/2/2022

The Dow Jones Industrial Average movements on Wall Street witnessed positive trading within attempts to reduce its previous losses, reaching its highest level at 34,965.

On the technical side today, and with careful consideration on the 60-minute time frame, we notice the positive signs that started appearing on the RSI and its stability above the 50-mid-line, coinciding with the attempts of the 50-day moving average to push the price to the upside.

There is a possibility of an upward bias, but with great caution, knowing that a breach up to 34,880 may facilitate the task required to visit 35,110, and gains may extend later to visit 35,350 as long as the index price is stable above 34,485.

The breach of the mentioned support level leads the index to the official descending path towards 34,100. However, we remind you that the bullish intraday path does not contradict the general bearish trend.

Note: The risk level is high.

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

S1: 34485	R1: 35110
S2: 34105	R2: 35350
S3: 33865	R3: 35730