Dow Jones makes notable gains 31/8/2023

A noticeable rise dominated the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange yesterday within the expected positive outlook, touching the second official station required to be achieved at the price of 35,075, recording its highest level of 35,090.

Technically, with a closer look at the 4-hour time frame chart, we find the Stochastic indicator positioned around overbought areas, accompanied by the indicator continuing to receive a positive stimulus from the simple moving averages.

From here, with the stability of intraday trading above 34,885, and in general above 34,750, the bullish scenario remains valid and effective, continuing towards the second target of the previous report, 35,130 and 35,220, respectively, knowing that confirmation of the breach of the latter increases and accelerates the strength of the daily upward trend, so we are waiting for 35,370.

Only from below, sneaking below 34,885 can postpone the proposed scenario and put the index under negative pressure to retest 34,750 before attempts to rise again.

Note: the risk level may be high.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Personal Consumption Spending,” and we may witness high price fluctuation when the news is released.

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: 34885	R1: 35130
S2: 34750	R2: 35225
S3: 34645	R3: 35370