Dow Jones makes notable gains 13/11/2023

The Dow Jones Industrial Average reversed the anticipated downward trend in the previous report, finding support at the robust level of 33950. As previously mentioned, an upward breakthrough above 34065, especially 34085, would halt the proposed scenario, leading to the index’s recovery with targets set at 34185 and 34370. The index reached its peak at 34373, invalidating the sell position.

From a technical perspective today, the return of the simple moving averages to support the price from below, along with clear positive signals on the 14-day momentum indicator, indicates the possibility of an upward trend. Confirmation of breaching 34370 would further motivate a rise towards 34485, the initial target, with potential gains extending to 34645.

However, slipping below 34060, the previously breached resistance turned support level, would immediately halt upward attempts, putting the index under negative pressure with a target at 33785.

Warning: The risk level is elevated amid ongoing geopolitical tensions, and high price volatility may be observed.

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: 34060	R1: 34485
S2: 33785	R2: 34645
S3: 33630	R3: 34915