Dow Jones achieves the bullish targets 12/4/2023

As we expected, an upward trend dominated the movements of the Dow Jones Industrial Average on Wall Street. During the previous analysis, it touched the official target station at 33,710, recording its highest level at 33,780.

On the technical side today, 33,780 formed a resistance level that successfully limited the bullish trend. Signs of negativity began to appear on the stochastic indicator, which gradually lost bullish momentum.

We may witness a temporary bearish tendency in the coming hours, aiming to retest 33,590 as the first target before attempts to rise again, knowing that the bearish slope does not contradict the bullish trend, whose targets are located around 33,860 and extends to 34,040 once 33,780 is breached.

The decline below 33,590 may put the index under negative pressure to visit 33,490.

Note: Today, we are waiting for high-impact economic data issued by the US economy: the results of the Federal Reserve Committee meeting, “consumer price index” and from the Canadian economy, we await ” the interest of the Bank of Canada and the press conference of the Bank of Canada” in addition to “the speech of the Governor of the Bank of England.” 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: 33410	R1: 33860
S2: 33145	R2: 34045
S3: 32960	R3: 34310