Dow Jones touches the extended targets 22/8/2023

The Dow Jones Industrial Average on Wall Street declined significantly within the expected bearish context, touching the first target to be achieved at 34,380, recording its lowest level at 34,309.

On the technical side, with the continuation of the negative pressure of the simple moving averages that continue to pressure the price from above, in addition to the clear negative signs on the 14-day momentum indicator.

From here, with steadily trading below 34,700, that encourages us to maintain our negative expectations, targeting 34,310 as a first target, knowing that breaking the mentioned level increases and accelerates the strength of the bearish trend, paving the way for the index to visit 34,200 & 34,110.

Only from above, skipping upwards above 34,710/34,700 will immediately stop the suggested scenario and lead the index to recover, heading towards 34,850, and then 34,910.

Note: Today, we are waiting for the summit of the “BRICS” group throughout the day, and we may witness high price fluctuations.

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: 34310	R1: 34710
S2: 34110	R2: 34910
S3: 33900	R3: 35105