Dow Jones maintains its gains 16/2/2023

A bullish tendency dominated the Dow Jones Industrial Average yesterday to repeat the chances of a bullish attack, to visit the first target that needs to be touched at 33,900, recording its highest level at 34,157.

Technically, we tend to be positive in our trading, relying on the continuation of the RSI’s defense of the bullish trend, stable above the mid-line 50, in addition to the positive impulse coming from the 50-day Simple Moving Average, which continues to hold the price from below, and meets around the support floor of 33,960, adding more strength to it.

Therefore, the bullish scenario is the most preferred during today’s session; knowing that the breach of 34,160 extends the index’s gains, we will be waiting for 34,250 as the first target, and then 34,370 as the next station, unless we witness any trading below 33,920.

Stability below 33,92 will immediately stop the suggested scenario and put the index under strong negative pressure, with its target around 337,20.

Note: Today we are awaiting high-impact economic data issued by the US economy, “the monthly producer price index,” and we may witness high volatility at the time of the 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: 33920	R1: 34250
S2: 33710	R2: 34370
S3: 33590	R3: 34580