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The Dow Jones Industrial Average fell short of achieving anticipated upward targets following the Federal Reserve Chairman’s press statement. As previously warned, a return to daily trading stability below 34060 could completely undermine the proposed scenario, subjecting the index to significant negative pressure, with an initial target at 33920. The lowest recorded level at 33915 serves as a buy position.
Technically, today’s trading remains steady below the previously breached support, now acting as a resistance level at 34060, coupled with the Stochastic indicator showing negativity.
Hence, a potential downward trend may materialize upon confirmation of a break below 33920, extending the indicator’s losses, opening the path directly to 33860 and 33730 as subsequent targets.
On the upside, an upward crossover and a rise above 34065, especially 34085, would halt the proposed scenario, prompting a recovery in the index with targets at 34185 and 34370.
Warning: Today’s market anticipates high-impact press talks, including a speech by Christina Lagarde, Governor of the European Central Bank. Furthermore, significant economic releases from the United Kingdom, such as the monthly GDP index, and the “preliminary reading of the consumer confidence index” from the University of Michigan in the American economy, are expected. Be prepared for potential high fluctuations in prices during these news releases.
Warning: The level of risk is elevated amid ongoing geopolitical tensions, potentially resulting in heightened price volatility.”
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.
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