Dow Jones trying to rise 11/9/2023

The Dow Jones Industrial Average achieved the first upward target published in the previous technical report at the end of last week’s trading at 34,630, recording its highest level of 34,660.

On the technical side today, with a closer look at the 4-hour time frame chart, we find that the 14-day Momentum indicator is trying to provide positive signals on the short time frames, accompanied by the Stochastic indicator’s attempts to obtain positive crossover signals.

We tend to be positive but cautious, with trading remaining above 34,4900, targeting 34,710 as the first target, knowing that crossing upwards and rising above that level can enhance the index’s gains, as we wait to touch 34,790.

From below, closing the hourly candle below 34,490 will stop the temporary rise attempts and lead the index to the official downward trend, with targets starting at 34,360 initially.

Note: The risk level may be 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: 34490	R1: 34710
S2: 34360	R2: 34790
S3: 34270	R3: 34920