Dow Jones is forced to temporarily decline 19/8/2022

Negative trading dominated the movements of the Dow Jones Industrial Average in the New York Stock Exchange, recording its lowest level at 33,820 during the previous trading session.

Technically, and by looking at the 60-minute chart, we find a decline in the momentum, with the index’s price pivoting below the pivotal resistance at 34,100.

Therefore, we may witness a bearish tendency in the coming hours, targeting 33,820; knowing that the decline below 33,820 increases the negative pressure on the index, we will be waiting for the next 33,700 price stations as long as the price is stable below 34,100.

Consolidation above 34,100, and most importantly 34,140, will immediately stop the expected bearish bias and lead the index to recover, targeting 34,280.

Note: The risk level is high.

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: 33820	R1: 34050
S2: 33700	R2: 34170
S3: 33580	R3: 34280