Dow Jones And Negative Pressure Continue

The Dow Jones Industrial Average witnessed a bearish tendency during the previous trading session, approaching by a few points at the published target of 34,630, to record its lowest level at 34,660.

On the technical side today, and with careful consideration of the short time frames, we find that the index’s price is stable below the 34,920 resistance level, accompanied by negative pressure from the 50-day moving average and the negativity of the RSI.

Therefore, we will maintain our negative expectations, provided we confirm breaking 34,730 to target 34,630, and we must pay close attention in case the mentioned level is broken due to its importance for the general trend in the short term. Its break will extend the index’s losses with a target of 34,510.

From above, a short move up and a rise above 34,920 would thwart the suggested bearish bias, and the index may be looking for a recovery to visit 35,000 and 35,070. Note: the level of risk is high.

S1: 34630	R1: 34920
S2: 34510	R2: 35070
S3: 34360	R3: 35190