Dow Jones is facing negative pressure 31/1/2023

The Dow Jones Industrial Average declined significantly in the New York Stock Exchange within the expected bearish context during the previous analysis, touching the first target to be achieved, located at the price of 33,750, recording its lowest price at 33,674.

On the technical side today, we tend to be negative, relying on the clear negativity signs on the stochastic indicator as shown on the 4-hour chart, in addition to the intraday stability below 33,880.

Therefore, the possibility of a decline is still valid and effective, provided that we witness a clear break of the 33,650 level, targeting 33,600 and then 33,560 next station.

Trading stability again above 33880 postpones chances of a decline and leads the index to retest 33945 before attempting to decline again.

Note: The risk level may be high.

Note: Today we are awaiting high-impact data from the US economy, “Consumer Confidence Index,” and we may witness high volatility at the time of 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: 33560	R1: 33945
S2: 33420	R2: 34190
S3: 33170	R3: 34330