Dow Jones makes notable gains 27/11/2023

The Dow Jones Industrial Average experienced significant gains on Wall Street, reaching the official target of 35440 as anticipated in the previous report.

Upon closer examination of the 4-hour chart from a technical perspective, the Relative Strength Index (RSI) continues to support the upward trend, while the simple moving averages provide positive momentum, reinforcing the potential for further upward movement.

Consequently, the prevailing expectation is an upward trend during the day, with a condition that trading remains above 35340 and generally above 35290. The initial target is set at 35480, and surpassing this level would strengthen the upward momentum, leading to targets at 35530 and 35620.

However, a return to trading stability below the robust support at 35340 would delay the likelihood of an ascent, but it wouldn’t negate the possibility. In this scenario, a retest of 35290 might occur before renewed attempts to rise again.

Caution is advised as the level of risk remains high, influenced by ongoing geopolitical tensions, potentially resulting in increased price volatility.

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: 35340	R1: 35480
S2: 35250	R2: 35530
S3: 35200	R3: 35625