Dow Jones hits the required targets 7/2/2023

Mixed trading dominated the performance of the Dow Jones Industrial Average during the first trading of this week, to succeed in achieving the bearish target mentioned during the last analysis at 33,770, heading to visit the official target at 33,670, recording its lowest level at 33,635, to begin with, an upward rebound. The current movements witness stability of around 33,904.

On the technical side today, the current movements of the index are stable above the 50-day simple moving average that is trying to push the price to the upside, accompanied by the RSI’s attempts to gain bullish momentum. On the other side, we notice the clear negativity on the stochastic that starts to lose momentum.

With the conflicting technical signals, we prefer to monitor the price behavior of the index to preserve what was achieved yesterday, and we wait until more strong signals are obtained to be facing one of the following scenarios:

Breaking 33,810 puts the index under negative pressure to visit the first target 33,700, while skipping upwards and consolidating the price above 33,960 is a catalyst for visiting 34,000 and 34,040, respectively.

Note: Today, we are waiting for the speech of the “Chairman of the Federal Reserve”, which has a significant impact, and we may witness fluctuations in prices during the issuance of the speech.

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: 33700	R1: 34040
S2: 33500	R2: 34170
S3: 33370	R3: 34370