Dow Jones is facing negative pressure 21/6/2023

The Dow Jones Industrial Average in New York Stock Exchange declined significantly yesterday after failing to settle above the minor resistance level of 34,140.

Technically, we tend to be negative in our trading, relying on the clear negative signs on the 14-day momentum indicator and the negative pressure coming from the simple moving averages that continue to pressure the price from above.

From here, with the stability of intraday trading below 34,180/34,170, the bearish slope is more likely, targeting 33,885 first, and the losses may extend later to visit 33,800 as long as trading is stable below 34,180.

From above, price consolidation above the mentioned resistance can thwart the bearish scenario, and the index will recover from visiting 34,275.

Note: Today, we await high-impact economic data issued by the British economy, the annual “consumer price index”, and “the testimony of the Federal Reserve Chairman” on the semi-annual monetary policy report before the House Financial Services Committee. We may witness a high price fluctuation during the news release.

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: 33885	R1: 34275
S2: 33705	R2: 34480
S3: 33495	R3: 34660