Dow Jones achieves the downside targets 24/2/2023

As we expected, the Dow Jones Industrial Average continues to achieve its losses on the New York Stock Exchange, touching the official bearish station required at 32820, recording its lowest level at 32796.

Technically, we notice the RSI’s continued defence of the bearish trend as a result of the stability below the mid-line 50 and the stability of the index price below the 50-day simple moving average, which constitutes an obstacle in front of the price.

We tend to be negative, with the index price remaining below the resistance level of 33,330, targeting 32,860 as a first target, and breaking it extends the losses so that we will be waiting for 32,600.

From above, price consolidation above 33,335 can completely thwart the suggested scenario, and the Dow Jones index begins to recover temporarily, with an initial target of 33540.

Note: The risk level may be high.

Note: Today, we are awaiting important economic data issued by the US economy, “primary personal consumption expenditure”, and we may witness a high fluctuation in prices at the time of the news release.

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: 33335
S2: 32590	R2: 33540
S3: 32390	R3: 33810