Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average declined on Wall Street yesterday, within the bearish technical outlook, as we expected during yesterday’s technical report, touching the required target of 32,450, with the increase in the intensive selling after the Fed decides to raise interest rates by 75 basis points, recording the lowest level at 32,050.
On the technical side today, and on short intervals, we find that the RSI is stable below the 50 mid-line, accompanied by the negative pressure of the simple moving averages that support the daily bearish price curve.
From here, daily trading is below the 32,570 resistance level; the bearish scenario remains the most likely, targeting 31,820 first target, knowing that breaking the mentioned level increases and accelerates the strength of the daily bearish trend, paving the way for visiting 31,730.
We remind you that activating the suggested scenario depends on the stability of trading below 32,570, and the cohesion above it again, leading the pair to an ascending path with its target 32,840.
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.
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