Dow Jones heading higher 13/6/2023

Remarkable gains dominated the performance of the Dow Jones Industrial Average on Wall Street, within the positive outlook, as we expected, touching the official bullish target stations, reaching the last target 34,130, recording its highest level 34,112.

Technically, we tend to be positive, relying on the index’s continued acquisition of positive momentum signals coming from the 14-day momentum indicator, which is stimulated by the positivity of the simple moving averages that hold the price from below, in addition to the regularity of work inside the ascending channel, as shown on the chart.

Therefore, we maintain our positive expectations, with the stability of intraday trading above the support floor of 34,000, and in general, above 33,940, targeting 34,180, noting that exceeding the mentioned level increases and accelerates the strength of the bullish daily trend, paving the way directly to visit 34,270.

As a reminder, activating the bullish scenario requires stability of daily trading above the support level of 33,940, and infiltration below the mentioned level nullifies the activation of the bullish scenario and puts the index price under negative pressure to retest 33,775.

Note: Today we are awaiting high-impact economic data issued by the US economy “consumer price index” and from the United Kingdom “Bank of England governor’s speech” and 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: 33940	R1: 34180
S2: 33775	R2: 34270
S3: 33690	R3: 34425