Dow Jones may witness a temporary decline 16/11/2022

Positive movements dominated the Dow Jones Industrial Average yesterday, attacking the 34,000 level after the release of US inflation data.

Technically, the current movements are witnessing a limited bearish tendency due to the negative pressure coming from the 50-day simple moving average, which is accompanied by the emergence of negative signs on the 14-day momentum indicator.

We may witness a temporary bearish bias in the coming hours, targeting 33,270 before attempts to rise again, knowing that the bearish slope does not contradict the bullish daily trend, whose positive targets are around 34,330 once the breach of 34,000 is confirmed.

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: 33265	R1: 33960
S2: 32940	R2: 34335
S3: 32570	R3: 34660