Technical analysis

Dow Jones Wave Analysis – 16 March 2023

• Dow Jones reversed from support level 31800.00

• Likely to rise to resistance level 32500.00

Dow Jones recently reversed up from the key support level 31800.00 (previous monthly low from November) intersecting with the lower daily Bollinger Band.

The support level 31800.00 was further strengthened by the support trendline of the wide down channel from December and the 50% Fibonacci correction of the upward impulse from October.

Dow Jones can be expected to rise further toward the next resistance level 32500.00 (former monthly low from December and February).

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