Dow Jones retests support 28/10/2022

As we expected, the Dow Jones Industrial Average achieved a positive outlook, touching the official target station during the previous analysis at the price of 32,270, recording its highest level at 32,383.

Technically, we are inclined to the positivity, relying on the positive motive from the 40-day simple moving average, which is accompanied by the positive signals from the RSI at breakfast time of 60 minutes.

From here and with the stability of the daily trading above the support level of 31,760, the bullish scenario remains the most likely, targeting 32,300 first target, taking into consideration that the overshoot and cohesion above 32,305 increases and accelerates the strength of the bullish trend, so we are waiting for 32,610.

Note: intraday overbought may lead the indicator to some fluctuation within a bearish slope before resuming the official path.

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: 31760	R1: 32305
S2: 31520	R2: 32615
S3: 31220	R3: 32850