Dow Jones hits the target 29/8/2023

We adhered to intraday neutrality during the previous report due to the conflicting technical signals, explaining that activating the bullish scenario depends on confirming the index’s breach of the resistance level of 34,510, and that leads the index to retest 34,580 and 34,690, touching the official target, recording its highest level at 34,691.

On the technical side, today, we find the 50-day simple moving average, which supports the bullish price curve and is stimulated by stochastic centring around overbought areas.

From here, with the stability of intraday trading above 34,450, there may be a possibility to resume the bullish trend, targeting 34,710, knowing that breaching the mentioned level increases and accelerates the strength of the expected bullish trend, as we are waiting for 34,850, the next official station.

Only below 34,450 can delay the suggested scenario and put the index under negative pressure to retest 34,350 & 34,295.

Note: The risk level may be high.

Note: Today, we await high-impact economic data issued by the US economy, “Composite Home Prices” and “Consumer Confidence.”

“Vacancies and labor turnover” and we may witness a high price fluctuation 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: 34450	R1: 34710
S2: 34295	R2: 34850
S3: 34170	R3: 35000