Dow Jones May Face a Temporary Bearish Bias

The Dow Jones index found a strong resistance level around 30,150, as we indicated yesterday that it is an important and essential condition for achieving further upside.

On the technical side, and with a closer look at the 60-minute chart, we find negative signs appearing on Stochastic, temporarily losing bullish momentum, supported by the stability of the RSI below the 50 midlines.

We may witness a slight bearish inclination during the coming hours, with the first goal 29,930/29,920 as the first target. Breaking the aforementioned level puts the price under negative pressure to continue the bearish tendency with the second goal of 29830.

The return of trading to stability above the resistance level 30,160, leading the index to the official bullish path, with the first official target 30,260.

Note: the level of risk may be high today.

Note: the bearish tendency does not contradict the general bullish trend.

S1: 29925	R1: 30140
S2: 29825	R2: 30260
S3: 29710	R3: 30350