Dow Jones continues to post losses 23/10/2023

The Dow Jones Industrial Average continues to achieve losses on Wall Street within the expected negative outlook during the previous technical report, touching the required target of 33,450, recording its lowest level of 33,230.

On the technical side today, with a closer look at the 4-hour time frame chart, with the continuation of the negative intersection of the simple moving averages, accompanied by the concentration of the Stochastic indicator around the oversold areas.

From here, and with the stability of intraday trading, the previously broken support has converted to the resistance level of 33,450. The downward trend is the most preferred during the day, with 33,120 as the first target. Breaking it increases and accelerates the strength of the downward trend, so we are waiting for 33,010, the next station.

Trading stability return above 33,450 will immediately stop the downward trend and the index will recover with a target of 33,670.

Note: The level of risk is high amid continuing geopolitical tensions, and 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: 33120	R1: 33450
S2: 33010	R2: 33670
S3: 32790	R3: 33780