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Dow Jones Faces Negative Pressures

Adel 21 October, 2020 11:19 am Daily Technical Analysis, Technical Analysis

Negative trading dominated the Dow Jones Industrial Average during the US session, recording its lowest price at 28045.

Technically, we tend to be negative in intraday trading, depending on trading stability below the resistance level 28440 in addition to the clear negative signs on the RSI.

Therefore, a bearish bias is likely today, with an initial target of 28085, bearing in mind that trading below the aforementioned level extending losses towards 28000.

The activation of the suggested scenario depends on trading remaining below 28440, and breaking this level delays the bearish tendency to target a retest of 28510 followed by 28680. Warning: risks are still high.

S1: 28085R1: 28510   
S2: 27860R2: 28690   
S3: 27670R3: 28920   

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