Dow Jones is looking for a stronger trend 30/5/2023

The Dow Jones Industrial Average on the New York Stock Exchange achieved the required target at the end of last week’s trading, at 32,900, recording its highest level of 33,252.

On the technical side today, by looking at the 4-hour chart, we find that the simple moving averages returned to pressure the price from above, accompanied by the appearance of overbought signs on the stochastic.

We may witness a downward trend in the coming hours, targeting 33,030 as the first target, and breaking it will facilitate the task required to visit 32,780.

We remind you that the expected bearish slope will require the index price to remain below 33,350, and an hourly candlestick closing above the mentioned level will lead the index towards building a bullish wave, targeting 33,580.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Consumer Confidence”, and we may witness high price fluctuations at the time of the news release.

Note: The level of risk is high and may not be commensurate with the expected return, and all scenarios are open to occurrence.

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: 32780	R1: 33350
S2: 32450	R2: 33580
S3: 32220	R3: 33920