Dow Jones jumps on Wall Street 19/7/2023

As we expected, the Dow Jones Industrial Average jumped to achieve strong gains in the New York Stock Exchange, surpassing the official target to be achieved by 35,000, recording its highest level of 35,173.

On the technical side today, by looking at the 240-minute chart, we find that the simple moving averages continue to carry the price from below, and this comes in conjunction with the RSI’s continued defence of the bullish direction.

With the stability of intraday trading above the resistance of the psychological barrier 35,000, and in general above 34,850, the bullish bias is the most favorable during today’s session, knowing that the price’s consolidation above 35,170 facilitates the task required to visit 35,320, and the index’s gains may extend to touch 35,480.

Closing at least an hourly candle below 34,850 can thwart the suggested scenario and put the index under negative pressure, aiming to retest 34,530.

Note: Today we are awaiting high-impact economic data issued by the US economy, “housing starts,” and the report issued by the International Energy Agency on oil stocks, and we may witness high volatility 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: 34845	R1: 35320
S2: 34530	R2: 35480
S3: 34365	R3: 35800