Dow Jones: Negative pressure exists 26/10/2023

Mixed trading dominated the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange, trying to record some gains, recording its highest level of 33,420.

On the technical side today, we are leaning toward negativity, relying on price stability below the simple moving average and intraday trading stability below 33,350.

From here, with the stability of intraday trading below the resistance level of 33,350 and, most importantly 33,360, the downward trend will be the most preferred during the day, targeting 33,115 as the first target, and breaking it increases and accelerating the strength of the downward trend, so that we are waiting for 32,920 as the next station.

Only the return of trading stability above 33,360 will immediately stop the downward trend and the index will recover with a target of 33,460 and 33,520.

Note: Today, the markets are awaiting high-impact data from the Canadian economy, represented by the Bank of Canada’s monetary policy report, interest statement, and interest rate decision, as well as the speeches of the chairman of the Federal Reserve and the European Central Bank. We may witness fluctuation in the markets during the release of these data.

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: 32940	R1: 33290
S2: 32820	R2: 33515
S3: 32595	R3: 33635