Dow Jones and selling pressure is in place 23/6/2023

As we expected, the Dow Jones Industrial Average declined significantly yesterday, within the bearish context, touching the official targets targeted during the previous report at 34,120 and 34,030, recording its lowest level at 34040.

Technically, and by looking closely at the 4-hour chart, we find that the simple moving averages continue the negative pressure on the price from above, and this comes in conjunction with the RSI’s continued defence of the bearish direction.

Therefore, the possibility of continuing the decline is the most likely during today’s session, targeting 33,980 as the first target, and breaking it increases and accelerates the strength of the bearish tendency, as we are waiting to touch 33,895 next station.

From above, the return of trading stability again above the resistance level of 34,215 invalidates the activation of the suggested bearish scenario above, which helps the index recover temporarily, aiming to retest 34360.

Note: The level of risk is high and may not be commensurate with the expected return.

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: 33980	R1: 34215
S2: 33895	R2: 34360
S3: 33750	R3: 34450