Dow Jones retests support 30/1/2023

Clear noticeable gains on the performance of the Dow Jones Industrial Average on Wall Street within the positive outlook, as we expected, surpassing the first target to be achieved at 33,970, recording the highest at 34,167.

Technically, the current intraday movement is witnessing a bearish bias due to the clear negative signs on the Stochastic indicator, which is gradually losing momentum.

The possibility of a bearish bias during the coming hours is still intact, with the aim of re-testing the 50-day simple moving average around 33,750, then 33,600.

The bearish bias does not contradict the bullish trend, whose initial targets are around 34,095 and 34,300 once the breach of 34,000 resistance is confirmed.

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: 33750	R1: 34095
S2: 33620	R2: 34300
S3: 33410	R3: 34435