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The Dow Jones Industrial Average managed to achieve the idea of the expected bullish rebound at the end of last week’s trading, bypassing the first target at 34,690, and it is approaching by a few points from the 34,830, next stop, recording its highest level 34815.
On the technical side, the index continued to obtain a positive stimulus from the 50-day moving average, which supports the possibility of continuing the rise, coinciding with the 14-day momentum indicator receiving positive signs.
Therefore, the bullish scenario is the most likely, provided that we witness a clear and strong breach of the resistance level 34,815, and that increases the strength of the daily bullish trend to visit 34,850. It should be noted that consolidation above 34,850 is a catalyst that enhances the chances of a rise towards 35,060.
Activating the suggested bullish scenario requires the index price to remain above the support level of 34,400, and breaking this level puts the index under negative pressure again with the aim of retesting the main support for the current trading level of 34,170.
Note: CFD trading involves high risk; all scenarios may occur.
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