Dow Jones experienced a comeback rally after the global lockdown of 2020 was eased. As of January 2020, the price of Dow Jones was at $21,618. Price was able to reach a new all-time high on January 5, 2022, at $36,991 which was close to the $37,000 psychological level. Ever since this year’s high was reached in January, Dow Jones bears have been aggressively active. Attempts by the bulls to push the price higher have been overpowered by the bears.
This year’s support currently stands at $32,296 which is over $4,500 lower than the all-time high. In March 2022, the price rallied to $35,368 which was March’s high. After March’s high, the bulls couldn’t push the price further upward as the bears seized back the momentum and caused the price to dip to $33,103. However, the price has risen a bit and is currently at $33,301.
RSI on two different occasions has shown that the price has been oversold on the daily timeframe. Despite these indications, the bulls have failed to push the price above $36,000. However, our analysts forecast that the bulls in a couple of weeks might manage to push the price to $35,000 and even beyond.
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