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Dow: Continuing to build a bottom

2023-08-29
547
Fundamental analysis:

Before the release of European and American inflation and employment data on Monday (August 28), the European Central Bank’s hawkish voters supported the rate hike in September, and the market’s expectations for the Fed’s November rate hike rose to 51%. The three major US stock indexes closed up collectively, with the Dow up 0.62%.

DJ30 four-hour chart



Brief technical analysis:

Looking at the 4-hour chart, the Dow continued to rebound to around 24700, the MACD began to cross the zero axis, and the support moved up to 34400. If it breaks above 34700, it will look at 35000-35400.

Resistance level: 34700 35000
Support level: 34400 34200

Trading strategy: Bullish above 34400, target 34700 35000
Alternative strategy: bearish below 34400, target 34200 34000

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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