Dow Jones settles below resistance 13/10/2023

Mixed trading dominated the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange yesterday so that it could achieve only the first target required to be touched at 34,160, recording its highest level of 34,154.

On the technical side today, we are leaning towards negativity in our trading in the coming hours, with the return of trading stability below 34,100 and the loss of the Stochastic indicator’s upward momentum.

From here, with trading remaining above 34,100, the bearish bias is the most likely during today’s trading session, targeting 33,610 and then 33,585, knowing that the index breaking the support level of 33,585 puts it under strong negative pressure with a next target of 33,340.

Crossing upwards and confirming the breach of 34,100 and, most importantly, 34,120 can thwart the downward tendency and the indicator begins to form an upward attack towards 34400.

Note: Today we are awaiting high-impact economic data issued by the US, “Preliminary Consumer Confidence Reading – Michigan,” and from the UK, we are awaiting a speech by the president of the Bank of England, and we may witness high fluctuation in prices at the time the news is released.

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: 33585	R1: 34120
S2: 33335	R2: 34405
S3: 33050	R3: 34650