Dow Jones: Retesting The Resistance

The Dow Jones Industrial Average managed to compensate for its recent losses to return to the bullish rebound again as we expected during the last analysis, touching the required retest target at 35,000, recording its highest level at 35,050.

On the technical side, the simple moving averages are back to hold the price from above, accompanied by the positive RSI signals on the short time frames.

Therefore, we may witness a bullish bias during today’s session, provided we confirm the breach of the previously broken support and turned into the 35,050 resistance level, and that is a catalyst that enhances the chances of rising to visit 35,255 first target, and gains may extend later to visit 35,430.

To remind that the stability of trading above 34,900 is an important and basic condition for activating the bullish scenario and breaking it, making the official bearish trend dominate the movements of the index, opening the way directly towards 34,710 initially.

Note: the level of risk is high.

S1: 34710	R1: 35255
S2: 34360	R2: 35460
S3: 34160	R3: 35800