Noor Trends News, Technical Analysis, Educational Tools and Recommendations
As we expected, a strong fall was witnessed in the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange, exceeding the required targets and reaching the official target of 33,870, recording its lowest level of 33,817.
On the technical side today, with the continuation of the negative intersection of the simple moving averages that support the continuation of the bearish directional movement, in addition to the negative signals coming from the relative strength index.
From here, with daily trading remaining below the resistance level of 34,130, the downward trend is the most likely, targeting 33,760 as the first target, knowing that breaking the aforementioned level extends the index’s losses, directly opening the way to visit 33,610.
The price’s consolidation again above 34,130 can temporarily thwart the bearish scenario and lead the index to retest 33,4350.
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.
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