Dow Jones is Facing Some Pressure

The Dow Jones Industrial Average incurred heavy losses at the end of last week’s trading, amid a free fall, surpassing the official stations targeted during the previous analysis at 34,940, to record its lowest level at 34,630.

Technically, the current movements are witnessing a slight bullish slope as a result of the 14-day momentum indicator obtaining positive signs, in addition to the stability of the index price above the support level of 34,630, which increases the possibility of a limited bullish slope in the coming hours to retest 35,350 initially before the possibility of a decline again.

Note: the limited bullish bias does not contradict the bearish trend, knowing that the intrusion below the bottom of 34,630 will extend the index’s losses so that we will be waiting for 34,310 and 33,980.

Note: The level of risk is high and is not commensurate with the expected return, and all scenarios are presented.

S1: 34280	R1: 35030
S2: 33950	R2: 35465
S3: 33520	R3: 35780