Dow Jones attack negative 22/8/2022

The Dow Jones Industrial Average declined to give up its recent gains, within the expected bearish path during the technical report issued last Friday, touching the official target of 33,700, recording the lowest level at 33,560.

On the technical side, we tend to the negative side in our trading, relying on consolidating the bullish momentum, the negative pressure of the 50-day simple moving average, and the price below 33,820.

We may witness the formation of a bearish correction today, targeting 33,430 first target, knowing that breaking the mentioned level will extend the index’s losses so we will wait for 33,300 awaited price target.

Activating the suggested bearish scenario depends on the index’s stability below the pivotal resistance level 33,820, and surpassing it upwards will lead the index to recover temporarily to retest 34,070.

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: 33430	R1: 33820
S2: 33300	R2: 34075
S3: 33045	R3: 34200