Dow Jones is making good gains 17/11/2023

The Dow Jones Industrial Average demonstrated significant gains in American trading yesterday, consistent with the expected bullish trajectory, reaching a peak at 35103.

Upon closer examination of the technical aspects today, the 4-hour chart reveals continued support for the upward daily trend from the simple moving averages. This alignment is reinforced by the Relative Strength Index (RSI), which steadfastly defends the ongoing upward momentum.

With intraday trading maintaining levels above 34930, and more crucially, 34900, the preference remains for the upward trend. The initial target stands at 35145, and surpassing this level would bolster the index’s gains, paving the way towards 35230.

Conversely, a dip below 34900 would delay upward attempts and exert negative pressure on the index, with the potential for a retest of 34800.

A note of caution: The current geopolitical tensions elevate the risk level significantly, potentially leading to heightened price volatility. Investors should exercise caution and remain vigilant in response to market dynamics.

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: 34930	R1: 35145
S2: 34800	R2: 35230
S3: 34720	R3: 35360