Dow Jones Retest Support 15/2/2023

Mixed trading dominated the performance of the Dow Jones Industrial Average on Wall Street yesterday. It started in the middle of the session heading towards the desired target of 34,395 and approaching the second target, 34,585, recording 34515.

Technically, the 50-day simple moving average is trying to push the price to the upside again, accompanied by the index price’s stability above the support floor of 33,900 in an intraday manner. Still, signs of negativity are clear on the stochastic on the 4-hour time frame.

We tend to be cautiously positive, with intraday trading remaining above 33,900, targeting 34,285, and then 34,385, knowing that the closing of the 60-minute candlestick below the support floor of 33,900 puts the index under strong negative pressure, with its target at 33,680.

Warning: the risk level may be high today.

Note: Today we are awaiting high-impact economic data issued by the US economy, “retail sales, the manufacturing index of New York State, in addition to the speech of the European Central Bank governor, in addition to the consumer price index from the United Kingdom.

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: 33680	R1: 34385
S2: 33410	R2: 34795
S3: 32990	R3: 35080