Dow Jones Industrial Average May Witness a Temporary Downward Slope

Trades tended to be positive in the Dow Jones Industrial Average on the New York Stock Exchange, to be able to touch our first target, which is located at 34,475, the first target approaching, a few points away from the second target 35,545, to record a high of 35,515.

On the technical side today, the current movements are witnessing a slight bearish slope on the short time intervals. With careful consideration, we find that the RSI started to lose the bullish momentum temporarily, in addition to the stability of trading below the 35,540 resistance level.

Therefore, we may witness a bearish bias in the coming hours to retest 35,300 and 35,275, respectively, and the intraday losses may extend to visit 35,150.

Activating the bearish scenario depends on the stability of trading below 35,540. Its breach will stop the temporary bearish bias and lead the index to compensate for losses and complete the bullish path, with a target of 35,660 then 35,800.

Note: the bearish slope does not contradict the general upward trend.

S1: 35275	R1: 35540
S2: 35130	R2: 35660
S3: 35020	R3: 35805