Dow Jones facing strong resistance 2/10/2023

The Dow Jones Industrial Average touched the upward target required to be achieved during the previous technical report at 34,110, recording its highest level of 34,130.

On the technical side, the instantaneous movements of the index are witnessing stability below the psychological barrier of 34,000. With a closer look at the 4-hour time frame chart, we find negative features continuing to dominate the Stochastic indicator, which is losing upward momentum gradually, in addition to the stability of the index price below the 34,000 resistance level.

Therefore, a bearish bias may occur during today’s trading session, knowing that sneaking below 33,840 may facilitate the task required to visit 33,860 and 66,620 as awaited targets.

As a reminder, the price’s consolidation again above 34,000 with the closing of the hour candle can thwart the bearish scenario. The upward trend returns to controlling the index’s movements, with a target of 34,130, and the gains may extend towards 34,280.

Note: Today, we are awaiting high-impact economic data issued by the US economy, the Manufacturing Purchasing Managers’ Index, and the speech of Federal Reserve Chairman Jerome Powell, and we may witness high price fluctuations.

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: 33620	R1: 34130
S2: 33370	R2: 34380
S3: 33115	R3: 34640