The Dow Jones is trying to recover 26/8/2022

As we expected, the Dow Jones Industrial Average reversed the daily bearish trend, in which we relied on the stability of daily trading below 33,170 resistance. We pointed out that surpassing the upside to the mentioned level will stop the bearish trend immediately and lead the index to form a bullish corrective attack, targeting 33,290, recording the highest 32,290, compensating for the short position.

Technically, on the 60-minute time frame, we find that the RSI returned to defend the bullish bias, stable above the mid-line 50, accompanied by stochastic positioning around the overbought areas.

We may witness a bullish slope in the coming hours, targeting 33,380, knowing that its breach enhances the chances of a rise and leads the index to achieve additional gains that target 33,470 as long as the index price is stable above 33,050. Conversely, sneaking below 33,050 constitutes a negative pressure factor, and we witness a negative session with its target of 32710.

Warning: the risks are high.

Note: Throughout today’s session, the “Jackson Hole” economic forum is being held, and it has an essential impact on the markets, and we may witness random movements.

Note: We are awaiting the speech of “Jerome Powell” Chairman of the Federal Reserve, later in today’s session, during “Jackson Hole” and we may witness high volatility in prices.

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: 32970	R1: 33380
S2: 32710	R2: 33545
S3: 32550	R3: 33810