Dow Jones may get temporary positive signals 23/1/2023

The Dow Jones Industrial Average achieved the first bearish target by the end of last week’s trading at 32,950, recording its lowest level at 32,934.

Technically, we find the RSI stable below the mid-line 50, accompanied by the negative pressure from the simple moving averages. These technical factors increase the possibility of resuming the bearish trend. On the other hand, we find the stochastic indicator trying to obtain positive crossover signals on the 4-hour time frame.

There is a possibility of touching 33,510 before falling again, knowing that the limited bullish bias does not contradict the bearish daily trend, whose initial targets are around 33,065, and then 32,775.

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: 33065	R1: 33510
S2: 32775	R2: 33670
S3: 32615	R3: 33960