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US 30 Tests Major Resistance

The Dow Jones 30 rallies over expectations of slowing inflation. The index has found support in the former supply zone around 31700, which indicates the bulls’ strong commitment in extending the current recovery. As the index claws back last month’s losses, June’s high at 33450 is a major ceiling and a bullish breakout could ease the downward pressure in the medium-term. As the RSI rises back into the overbought area, intraday buyers may start to take profit, causing a pullback. 32500 is a fresh support should this happen.

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