Dow Jones is facing negative pressure 24/8/2023

During the previous trading session, mixed trading dominated the movements of the Dow Jones Industrial Average on the New York Stock Exchange as part of limited attempts to achieve some gains.

On the technical side, the negative intersection of the simple moving averages continues to pressure the price from above, in addition to the stability of intraday trading below 34,655.

This encourages us to maintain our negative expectations, targeting 3400 first, knowing that breaking the mentioned level increases and accelerates the bearish trend’s strength, opening the door to visit 34.245.

Only from the top, skipping upwards above 34,655 will immediately stop the suggested scenario and lead the index to recover, heading towards 34,710. Care must be taken about this level due to its importance to the current trading levels, and its breach leads the index to form a bullish attack, whose targets start at 34750 initially.

Note: Today we are awaiting economic data from the summit of the “BRICS”, and “Jackson Hole Economic Forum”, 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: 34400	R1: 34655
S2: 34245	R2: 34750
S3: 34155	R3: 34910