Dow Jones continues to break the peaks 20/12/2023

A robust upward trend characterized the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange, successfully achieving the specified upward targets and reaching the official target of 37880. The index recorded its highest level at 37940.

From a technical perspective, the upward trend remains valid and potent, with the index consolidating around the support level of 37740. Positive motivation is provided by the simple moving averages, further supported by the positive signals from the 14-day momentum indicator.

The prevailing outlook leans towards a bullish scenario in today’s trading session, contingent upon daily trading maintaining stability above 37740. The initial target is set at 38020/38000, and breaching this level would intensify and accelerate the strength of the upward trend, paving the way for additional gains towards 38120. Subsequent gains may extend further towards 38250.

It’s important to note that a price drop below the support level of 37740 would subject the index to temporary negative pressure, targeting a retest of 37570 before resuming its upward trajectory.

Warning: The risk level is considered high, especially in the context of ongoing geopolitical tensions, and increased price volatility may be observed. Caution and prudent risk management are recommended.

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: 37740	R1: 38020
S2: 37565	R2: 38120
S3: 37470	R3: 38290