Dow Jones is facing strong resistance 16/10/2023

As mentioned during the previous technical report, the Dow Jones Industrial Average is facing a strong resistance level of around 34,120, recording its highest level of 34,120 to return within the bearish bias.

On the technical side today, we are leaning towards negativity in our trading, relying on continuing intraday trading below 34,045 and generally below 34,100, in addition to the negative Relative Strength Index signals.

With trading remaining above 34,045, the bearish tendency is most likely during today’s trading session, targeting 33,630 and then 33,460.

Crossing upwards and confirming the breach of 34,045 and most importantly 34,120 can thwart the bearish tendency and the indicator begins to form an upward attack towards 34,295 and 34,460.

The risk level is high.

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: 33630	R1: 34045
S2: 33460	R2: 34295
S3: 33210	R3: 34460