Dow Jones is trying to recover temporarily 29/9/2023

An upward trend dominated the movements of the Dow Jones Industrial Average on Wall Street, reflecting the expected downward trend during the previous decline. As a reminder, we indicated that the price’s consolidation, again above the 34,000 resistance level, will immediately stop the decline.

On the technical side today, we find the Relative Strength Index trying to provide positive signals and settling above the 50 midline, accompanied by intraday trading stabilizing above 33,800.

With trading remaining above the mentioned sub-support level of 33,800, we may witness an upward trend, but with great caution, targeting 34,060 as the first target, knowing that breaching it may encourage the price to touch 34,110 and 34,190.

As a reminder, the price’s consolidation again below 33,800 and more importantly 33,750 can thwart the bullish scenario in a way and the official bearish trend returns to controlling the index’s movements with a target of 33,560.

Note: Today we are awaiting high-impact economic data issued by the American economy, the Core Personal Consumption Expenditure Index, and we may witness high fluctuation in prices 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: 33745	R1: 34060
S2: 33560	R2: 34190
S3: 33430	R3: 34370