The Dow Jones 30 retreats on profit-taking as the first quarter draws to an end. A bullish MA cross on the daily chart suggests that the rebound is picking up steam.
The index hit resistance around 35400 and went horizontal, allowing the bulls to take a breather. Buyers may find relief as the RSI tanks into the oversold area.
A rebound would propel the Dow to February’s high at 35870, where a bullish breakout could resume the uptrend in the medium term. The demand area between 34350 and 34580 is an important level.
