Dow Jones is facing negative pressure 24/4/2023

Negative trading dominated the movements of the Dow Jones Industrial Average on the New York Stock Exchange at the end of last week’s trading, affected by the weak earnings reports, and witnessing stability around its lowest level during today’s morning session around 33660.

Technically, we tend to be negative in our trading, relying on price stability below the 50-day simple moving average, in addition to the clear bearish momentum signs on the 14-day momentum indicator on the short-term frames.

With daily trading remaining below the strong resistance level at 33800, the bearish bias is more likely during the day, targeting 33610 as a first target, and breaking it extends the index’s losses, to be waiting for touching 33540.

From above, price consolidation above 33800 is able to motivate the index to visit 33930 & 33960 before falling again.

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: 33610	R1: 33800
S2: 33540	R2: 33930
S3: 33415	R3: 33990