Dow Jones experiences temporary negative pressure 3/8/2022

The Dow Jones Industrial Average declined during yesterday’s session, cancelling the suggested bullish scenario, in which we relied on trading stability above the 32,550 support floor, explaining that the decline below the mentioned level can stop the rise and lead the index to 32,400, recording its lowest level at 32,340, compensating for the long position.

Technically, today the index failed temporarily to maintain trading above 32,550 and generally above 32,600, as we find that the bullish momentum is confined to short time intervals.

The bearish bias may be the most preferred in the coming hours, knowing that price stability below 32,420 facilitates the task required to visit 32,285 first target and 32,120 next targets as long as the price is stable below 32,600.

Consolidating above 32,600 will lead the index to recover, and we are witnessing a trading session that tends to rise with caution, targeting 32,680 and 32,900.

Note: the level of risk 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: 32285	R1: 32680
S2: 32115	R2: 32900
S3: 31890	R3: 33075