Dow Jones achieves bearish targets, pressure is in place 23/8/2022

The Dow Jones Industrial Average fell on Wall Street yesterday, recording substantial losses as we expected, exceeding the official target that is required to be achieved at 33,300, recording its lowest level at 32,998.

Technically, we find that the Relative Strength Index continues to defend the bearish trend, in addition to the index’s pivot point below the 33,250 level and the negative pressure of the 50-day simple moving average.

Therefore, the bearish trend remains valid and effective, knowing that breaking 33,300 will extend the losses of the index, opening the door to visit 32,860 first target, and losses may extend later towards 32,650.

Consolidation again above 33,250 invalidates the proposed scenario, and we are witnessing a positive trading session with an initial target of 33,440.

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: 32860	R1: 33440
S2: 32640	R2: 33800
S3: 32275	R3: 34030