Dow Jones achieves the desired goals 18/10/2023

The Wall Street Stock Exchange witnessed positive Dow Jones Industrial Average movements during the previous trading session. Touched the official target of 34,295 and recorded its highest level of 34,305.

On the technical side today, looking at the 240-minute time frame chart, we find that the simple moving averages continue to support the upward trend. The index achieved instant stability above the support level of 34,040 and generally above 33,965.

Therefore, the possibility of continuing the rise is still valid and effective, knowing that the price’s consolidation above 34,300 increases and accelerates the strength of the upward trend, opening the door for more gains towards the 34,470 and 34,630 levels.

Only from below, the return of trading stability below 34,040 indicates the chances of a rise. Still, it does not cancel them out, and we may witness a bearish trend with a target of 33965 before it is impossible to rise again.

Note: The stochastic indicator is near overbought areas, and we may witness some fluctuation before obtaining the official direction.

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: 33965	R1: 34300
S2: 33800	R2: 34470
S3: 33630	R3: 34635