“Bullish Engulfing” Hints at Potential Trend Reversal

The Dow Jones Industrial Average formed a “Bullish Engulfing” candlestick pattern as shown on the chart below, which is viewed as a trend-reversing signal
Prices have entered a period of consolidation following a “Bearish Butterfly” chart pattern
An immediate support level of 33,830 appears to be holding well, paving the way for a technical rebound
The RSI indicator rebounded from the oversold threshold, suggesting that near-term selling pressure may be depleting