Dow is trying to consolidate above the support 5/7/2023

The Dow Jones Industrial Average witnessed good gains during the first trading of this week, recording its highest level at 34,689.

On the technical side today, we find the index achieving a clear consolidation above the strong support floor 34,500, accompanied by the RSI’s attempts to gain more bullish momentum and the stochastic’s attempts to gain additional momentum.

The bullish bias is more likely during the day, knowing that the price’s consolidation above 34,620 facilitates the task required to visit 34,680 and 34,775 awaited targets, and the gains may extend later towards 34,860.

Trading stability below 34,500 will immediately stop attempts to rise and put the index under strong negative pressure, targeting 34,420 & 34,330.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “the Federal Reserve Committee statement,” and the “OPEC meeting”, and we may witness high volatility at the time of the news release.

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: 34510	R1: 34685
S2: 34420	R2: 34775
S3: 34330	R3: 34865