Dow Jones is facing negative pressure 26/6/2023

The Dow Jones Industrial Average achieved the bearish target that should have been touched during the previous technical report at 33,980, recording its lowest level at 33,970.

On the technical side today, by looking at the 60-minute chart, we find that the relative strength index continues to defend the bearish direction, accompanied by the negative pressure of the simple moving averages.

From here, with the stability of intraday trading below 34,075, and in general below the main resistance of the current trading level 34,115, the bearish trend remains the most probable, targeting 33,980 as a first target, knowing that breaking it will extend the index’s losses, as we are waiting to touch 33,930 and 33,890, respectively.

From above, the return of trading stability again above the resistance level of 34,115 nullifies the activation of the suggested bearish scenario above. It leads the index to recover temporarily, to retest 34,170.

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

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: 33980	R1: 34075
S2: 33930	R2: 34115
S3: 33890	R3: 34170