Dow Jones retests support 13/4/2023

The Dow Jones Industrial Average jumped on Wall Street, achieving the desired target during the previous trading session at 33860, recording the highest at 33946.

Technically, the resistance level of 33,950 succeeded in limiting the bullish bias, and as we look closely at the 60-minute chart, we find that there are negative features that started to appear on the stochastic indicator, and it started to gradually lose bullish momentum, in addition to a temporary decline in the bullish momentum.

In the coming hours, we may witness a bearish tendency to retest 33,560 as a first target. Therefore, we must monitor the price behavior of the index around this level, knowing that the aforementioned bearish tendency does not contradict the general bullish trend, whose official targets are around 33,860, and then 34,080 once the price consolidates above 33,780 again.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Producer Price Index, Unemployment Claims” and “Gross Domestic Product from the United Kingdom” and the speech of the Governor of the “Bank of Canada”, and we may witness a high fluctuation in prices at the time of the news.

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: 33500	R1: 33860
S2: 33370	R2: 34080
S3: 33150	R3: 34210