Dow Jones is trying for a temporary rise 8/9/2023

Limited positive attempts dominated the Dow Jones Industrial Average on Wall Street yesterday, building on a solid support floor at 34,370 to achieve some limited upward rebound, recording its highest level at 34,585.

On the technical side today, with a closer look at the 4-hour time frame chart, we find that the 14-day Momentum indicator is trying to provide positive signals, accompanied by the Stochastic indicator’s attempts to obtain positive crossover signals.

We tend to be positive but cautious, with trading remaining above 34,410, targeting 34,630 as the first target, knowing that crossing upwards and rising above the abovementioned level can enhance the index’s gains as we wait to touch 34,710.

Closing the hourly candle below 34,400, will stop the temporary rising attempts and lead the index to the official downward trend, with targets starting at 34275 initially.

Note: Risk level may be high.

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: 34405	R1: 34630
S2: 34275	R2: 34715
S3: 34185	R3: 34845