Dow Jones is making good gains 8/6/2023

As we expected, the Dow Jones Industrial Average achieved good gains on Wall Street during the previous trading session within the positive technical outlook, touching the first target of the last report at 33,710, recording its highest level at 33,710.

On the technical side today, and by looking at the 4-hour chart, we find that the simple moving averages returned to hold the price from below and continue to provide a positive motive supporting the possibility of an incline. Still, signs of negativity began to appear on the stochastic.

The daily trend is bullish, but there is a possibility of a bearish slope occurring in the coming hours, aiming to retest 33,490 before attempts to rise again, taking into consideration that the bearish slope does not contradict the bullish daily trend, whose targets start at 33,710, and its breach enhances the chances of visiting 33,810 & 33,850.

Note: The level of risk is high

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 33490	R1: 33710
S2: 33385	R2: 33810
S3: 33270	R3: 33910