Dow Jones needs a confirmation signal 6/4/2023

Mixed trading dominated the movements of the Dow Jones Industrial Average on Wall Street, witnessing some bearish tendency after it recorded its highest level at 33,688.

Technically, the resistance level 33,580 formed a level of selling pressure. However, after carefully considering the 4-hour chart, we find that the stochastic indicator tries to eliminate the intraday negativity to gather more positive momentum.

The stability of the index price above 33,265 increases the possibility of a bullish bias. Still, it is better to witness a breach of 33,580. This motivating factor enhances the chances of a rise, to visit 33,675 and 33,890, respectively, considering that breaking 33,265 forces the index to visit 33190.

Note: The level of risk may be high and not commensurate with the return.

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: 33265	R1: 33675
S2: 33060	R2: 33890
S3: 32845	R3: 34090