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Dow Jones Technical Analysis: Index on its Way Upward – 03 May 2022

Yesterday, the Dow Jones Industrial Average rose during its recent trading at intraday levels, to achieve gains for the second day in a row, by 0.26%, to gain 84 points. The Dow Jones Industrial Average settled at the end of trading at the level of 33,061.40, after a slight decrease. Yesterday, after reaching the specified support level from the previous day at the price level of 32,568.00 points, the price of the DOW JONES index started to rise directly when it reached the support point.


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26 components of the 30 index components rose in the last session’s trading, and the list of stocks with the highest percentage gain was the Salesforce Inc. by 6.33%, followed by Merck & Co. Inc. By 4.94% after the drug company beat estimates for the first quarter, boosted by more than $3 billion in sales of COVID-19 antivirals.

Additionally, in economic news, US GDP unexpectedly declined at an annualized rate of 1.4% in the first quarter after a 6.9% gain in the previous quarter.

Initial jobless claims fell by 5,000 to 180,000 in the week ending April 23, while the four-week moving average rose by 2,250 to 179.750, the third consecutive increase, the weekly numbers were below 200,000 since mid-February, It is an indicator of labor force measurement.

Technically, it is possible for the Dow Jones Industrial Average to be affected positively by being based on a major bullish trend line in the medium term. The point 32,568.00 could represent a good ascending point in the near term for the Dow Jones Industrial Index. The point 32,005.00 is considered the best level to buy the Dow Jones Industrial Average as seen in the chart, where these levels represent the strongest support points

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