Dow Jones may witness an intraday rise 26/5/2023

The Dow Jones Industrial Average declined significantly during the American session yesterday as part of a gradual decline towards the required target of 32,520, only to record the lowest level of 3,2583.

On the technical side today, the current movements are witnessing some bullish rebound, supported by Stochastic’s attempts to provide positive crossover signals and stimulated by the RSI’s attempts to gain a temporary bullish momentum.

We may witness an upward bias in the coming hours, with intraday trading remaining above 32650, targeting 32870, and the temporary gains may extend towards 32900. However, it should be noted that the bullish bias does not contradict the general bearish trend, whose targets are located around 32440 & 32295 once 32650 is broken.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “personal consumption spending,” and we may witness high price fluctuations at the time of the news release.

Note: The level of risk is high and may not be commensurate with the expected return, and all scenarios are open to occurrence.

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: 32580	R1: 32875
S2: 32440	R2: 33020
S3: 32295	R3: 33165