Dow Jones needs a positive catalyst 11/4/2023

Mixed trading dominated the movements of the Dow Jones Industrial Average on the New York Stock Exchange, with the opening of the first trading sessions of this week within a bearish slope, recording its lowest level at 33,330.

On the technical side today, we find the index succeeded in basing itself on the support floor of 33,330, which forced it to form a bullish retracement to retest 33,50, accompanied by the moving averages continuing to provide a positive motive, in addition to Stochastic’s attempts to get rid of the negativity.

We tend to be positive, but with caution, relying on the consolidation of daily trading above 33,380, and in general above 33,80, as we need to witness the price consolidation above 33,550, to target 33,615 as the first target, and then 33,710 as the next official station.

The decline below 33,330 will immediately stop attempts to rise, and the Dow Jones Index will witness a negative trading session, with targets starting at 33,240, and may extend later towards 33,190 & 33,150.

Note: The RSI is around neutral areas.

Note: The level of risk may be high and not commensurate with the expected 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: 33380	R1: 33615
S2: 33240	R2: 33710
S3: 33145	R3: 33850