Dow Jones form a bullish attack 18/10/2022

The Dow Jones Industrial Average stayed in the positive areas as the index’s continued attempts to form a bottom with stability above 30,000. we mentioned during the previous analysis that the price crossed the pivotal resistance 30,000, leading the index to form an ascending attack, its initial target 30,350, recording its highest level 30,765.

Technically, we tend to the positivity based on the clear positive signs on the 14-day momentum indicator on the short time frames, in addition to the intraday stability above 30,000.

Therefore, we may witness a trading session in the positive areas, targeting 30,930 first target. Knowing that exceeding the target level may extend the index’s gains, we will wait for 31,000 unless we witness any trading below 30,000.

Breaking the psychological support level 30,000 can completely thwart the suggested scenario and renew the chances of negative pressure on the index, so we are waiting for a retest of 29,470.

Note: The risk level is high.

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: 30065	R1: 31020
S2: 29465	R2: 31370
S3: 29120	R3: 31970