Dow Jones continues to decline gradually 8/12/2022

The Dow Jones Industrial Average continues its negative movements, after finding a strong resistance level around 33,780, which forced it to trade in negativity, recording its lowest level at 33,430.

On the technical side today, the simple moving averages are still hindering the index, and this comes in conjunction with the declining momentum on the short time frames.

From here, with steady daily trading below 33,870, the bearish scenario remains the most likely, knowing that a decline below 33,400 facilitates the task required to visit 33,240 next stations, whose negative targets may extend later towards 33,050.

From above, the return of daily trading stability above 33,870 can thwart the bearish scenario, and the index recovers temporarily to retest 33940.

Note: The risk level is high and careful consideration is required.

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: 33400	R1: 33745
S2: 33240	R2: 33940
S3: 33050	R3: 34090