Dow Jones soars on Wall Street 14/12/2023

The Dow Jones Industrial Average experienced a significant upward movement on the Wall Street Stock Exchange, aligning with the previously predicted positive outlook. It touched the designated targets and achieved the official goal of 37,000, reaching its peak at 37,226.

From a technical perspective today, the prevailing trend remains upward, with the 50-day simple moving average continuing to offer positive support for the ongoing upward momentum. Additionally, the relative strength index is signaling positive momentum.

Our inclination is toward positivity, albeit with caution. This is contingent on trading stability above the support level of 36,770, targeting 37,440 as the initial goal. A breach of this level would serve as a motivating factor, potentially enhancing the likelihood of a further rise towards 37,670.

It’s important to note that if the price falls below the support level of 36,770, it could temporarily place the index under negative pressure, targeting a retest of 36,320 before potentially rising again.

Cautionary Note: Today, we are anticipating high-impact economic data from the British economy, including the Monetary Policy Summary, Interest Rate Decision, and Monetary Policy Committee vote on interest rates. Eurozone economic data includes Interest Rate Decision, ECB Monetary Policy Statement, and ECB President’s press conference. Additionally, from the United States, the focus is on US retail sales. The risk level is high due to continuing geopolitical tensions, and there may be high price volatility.

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: 36765	R1: 37440
S2: 36320	R2: 37670
S3: 36095	R3: 38115