Dow Jones Facing Temporary Decline

Positive trading dominated the movements of the Dow Jones Industrial Average in the New York Stock Exchange within the expected upward trend, touching our official awaited target 31,445, to succeed in reaching its highest level at 31,448.

On the technical side today, and with a closer look at the 60-minutes chart, we find the index began to get negative signals from the RSI, in addition to the stability of the intraday trading below the resistance level 31,440.

Consequently, we may witness a slight bearish tendency during the coming hours, targeting a re-test of 31,170. Moving upwards and rising again above 31,445 will immediately halt the aforementioned re-test scenario and lead the index to the official bullish path, with official targets are around 31,495 and then 31,640.

Note: the slight bearish tendency does not contradict the general bullish trend.

Note: The level of risk may be high today.

S1: 31170	R1: 31495
S2: 30975	R2: 31640
S3: 30840	R3: 31830