Dow Jones may lose momentum temporarily 5/4/2023

An upward trend dominated the movements of the Dow Jones Industrial Average on Wall Street, as we expected, to suffice with recording its highest level at 33,688, which formed a strong resistance level that succeeded in limiting the continuation of the rise.

Technically, the index is temporarily stable below the resistance level of 33,520, and the stochastic gradually started to lose bullish momentum on the 4-hour time frame.

We may see a temporary bearish tendency to retest 33,190 to gain additional momentum before attempting to rise again, knowing that the bearish slope does not contradict the bullish trend, whose targets are around 33,645, once the breach of 33,575 is confirmed.

Note: The level of risk may be high

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: 33280	R1: 33645
S2: 33040	R2: 33870
S3: 32820	R3: 34060