Dow Jones trying to bottom 24/10/2022

A bullish trend dominates the movements of the Dow Jones Industrial Average, continuing its attempts to form a bottom above the pivotal support floor at 30,000.

Technically, today, the index’s current moves are witnessing stability above 30,800, accompanied by the RSI’s attempts to defend the bullish trend and the positive stimulus coming from the 50-day simple moving average.

Therefore, the bullish bias is the most hopeful during the day, provided that we witness a clear and strong breach of the 31,250 resistance level, and that extends the index’s gains, opening the door to visit 31,560.

A breach below 30,800 puts the index price under strong negative pressure that aims to retest 30,500 before attempts to rise again.

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: 30500	R1: 31560
S2: 29770	R2: 31890
S3: 29445	R3: 32610