Dow Jones is facing negative pressure 10/1/2023

Mixed trading dominated the movements of the Dow Jones Industrial Average during the American session trading yesterday, touching the first target at 33,900, recording its highest level at 33,936.

Looking at the 4-hour chart, we find that stochastic gradually lost bullish momentum, accompanied by declining momentum over the short term.

With the stability of daily trading below the resistance level of 33,490, the bearish slope is the most favorable in the coming hours, knowing that decline below 33,400 facilitates the task required to visit 33,250, the awaited target.

Consolidation once again above 33,490 leads the index to recover directly to visit 33,710.

Note: The level of risk is high and not commensurate with the expected return.

Note: Today, we are awaiting the speech of Jerome Powell, Chairman of the Federal Reserve, and we may witness high price volatility.

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: 33250	R1: 33780
S2: 33060	R2: 34125
S3: 32720	R3: 34315