Technical analysis

Dow Jones Wave Analysis 1 November 2023

– Dow Jones reversed from support level 32565.00

– Likely to rise to resistance level 33500.00

Dow Jones index recently reversed up from the strong support level 32565.00 (former multi-month low from May) coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 32565.00 created the daily candlesticks reversal pattern Bullish Engulfing.

Given the longer term uptrend, Dow Jones index can be expected to rise further toward the next resistance level 33500.00.

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