Dow Jones achieves positive closes 5/6/2023

The Dow Jones Industrial Average achieved significant gains by the end of last week’s trading, driven by US jobs data that exceeded expectations. It surpassed the bullish targets that should be touched during the previous technical report at 33,420, recording its highest level at 33,834.

On the technical side today, the relative strength index continues to defend the bullish direction, accompanied by stochastic centring around the overbought areas on the 4-hour time frame.

The stability of daily trading above the support floor of 33,650 encourages us to keep our positive expectations, targeting 34,045 next station, knowing that its breach is a catalyst that increases and accelerates the strength of the bullish daily trend towards 34,110 and 34.210 initial targets.

We remind you that closing the 4-hour candlestick below 33,650 will lead the index to decline directly towards 33,280.

Note: The level of risk is high and may not be commensurate with the expected return.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Service PMI” and “European Central Governor Lagarde’s speech,” and we may witness high price fluctuations 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: 33280	R1: 34045
S2: 32790	R2: 34330
S3: 32515	R3: 34815