Dow Jones maintains positive stability 28/11/2023

The Dow Jones Industrial Average showed notable gains on Wall Street during the initial trading sessions of the week, aligning with the expected positive technical outlook and approaching the first target of 35480, with the highest recorded at 35453.

Examining the 4-hour chart, the Relative Strength Index (RSI) continues to support the upward trend. Additionally, the simple moving averages are providing positive incentives, further supporting the potential for an upward trend.

As a result, the likelihood of an upward trend prevailing during the day remains, especially with trading above 35320. The initial target is set at 35510, and breaching this level would enhance and accelerate the strength of the upward trend, paving the way for a target at 35640.

Should the stability of trading return below the robust support at 35300, it may postpone the chances of a rise, but it won’t cancel them. In such a scenario, a retest of 35190 could occur before renewed attempts to rise again.

It’s essential for traders to be aware of the high level of risk amid ongoing geopolitical tensions, which could lead to increased price volatility. Monitoring key support and resistance levels, along with additional technical indicators, can provide a comprehensive understanding of market conditions.

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: 35190	R1: 35510
S2: 35000	R2: 35640
S3: 34870	R3: 35830