Dow30long
Buying DOW at 4H candle closes.DOW30 - Intraday - We look to Buy at 32811 (stop at 32561)
The medium term bias remains bearish.
The 261.8% Fibonacci extension is located at 28943 from 34939 to 32649.
Bespoke support is located at 28933.
Although the anticipated move higher is corrective, it does offer ample risk/reward today.
Our profit targets will be 33558 and 34093
Resistance: 33558 / 34093 / 35000
Support: 32810 / 32709 / 28943
Disclaimer – Saxo Bank Group.
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Dow Jones 30 Index: Trending higherCurrent price seems to continue to push above the mid-September highs with further short term (5-25 days) upside potential spotted near 33,785 ( 61.8% retracement from the 52 week low) long positions could be technically supported provided price hold above the 32,135 support, otherwise a break below support opens up the prospects for a test of 31,275 (38.2% retracement from the 4 week high)
Upcoming key economic events:
Wednesday November 02 2022 - United States Fed (FED) interest rate decision
Thursday November 03 2022 - Bank of England (BoE) and Norges Bank (Norway) interest rate decisions
Friday November 04 2022- United States monthly non-farm payrolls (NFP)
Not investment advice. Past performance is not indicative of future results.
