Dow Jones starts positive 18/7/2023

Positive trading dominated the movements of the Dow Jones Industrial Average on Wall Street yesterday, within a bullish context, to reach its highest level of 34,851.

On the technical side today, by looking at the 240-minute chart, we find that the simple moving averages continue to carry the price from below, and this comes in conjunction with the stochastic centering around the overbought areas.

With the stability of intraday trading above 34,660, and in general, above 34,610, the bullish bias is the most favorable during today’s session, knowing that the price’s consolidation above 34,850 facilitates the task required to visit 34,880, and then 35,000, the official waiting station.

Closing at least an hourly candle below 34,610 can thwart the suggested scenario and put the index under negative pressure, targeting 34,460.

Note: Today we are awaiting high-impact economic data issued by the US economy “retail sales” and from Canada, we await the “consumer price index” and we may witness high volatility at the time of the news release.

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: 34610	R1: 34880
S2: 34460	R2: 35000
S3: 34340	R3: 35150