Dow Jones continues to form a negative attack 23/8/2023

The Dow Jones Industrial Average reached the first official target required to be achieved during the previous technical report at 34,310, recording its lowest level at 34,310.

On the technical side, the negative intersection of the simple moving averages, which continues to pressure the price from above, is still valid and active and is motivated by the clear negative signs on the 14-day momentum indicator.

From here, with the stability of intraday trading below 34,520, and in general below 34,610, that encourages us to maintain our negative expectations, targeting 34,270 as a first target, knowing that breaking the mentioned level increases and accelerates the strength of the bearish trend, paving the way for the index to visit 34,120.

Only from above, rising above 34,610, will immediately stop the suggested scenario and lead the index to recover, heading towards 34,800 and then 34,900.

Note: Today, we are waiting for high-impact economic data issued by the US economy and England, such as “Services and Manufacturing PMI”, and from Canada, later in today’s session, we are waiting for “Retail Sales” in addition to the summit of the “BRICS” group We may witness high price volatility.

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: 34270	R1: 34615
S2: 34120	R2: 34805
S3: 33930	R3: 34960