Dow Jones is touching the bearish targets 31/5/2023

The Dow Jones Industrial Average traded with clear negativity during the American session of the previous session, touching the first target located at 33030, recording the lowest at 32887.

On the technical side today, with the continuation of the negative intersection of the simple moving averages, which continues to pressure the price from above, and is accompanied by the negative signals of the 14-day momentum indicator on short time frames.

From here, with steady daily trading below the resistance level of 33110, that encourages us to keep our negative expectations, knowing that the infiltration below 32880 facilitates the task required to continue the decline to visit 32810 as the first target, and breaking it enhances the chances of touching 32700 next official station, unless we witness a breach of the resistance level of 33110.

Crossing upwards and consolidating above 33110 completely invalidates the suggested scenario and leads the index towards a retest of 33295.

Caution: The risk level may be 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: 32810	R1: 33110
S2: 32700	R2: 33295
S3: 32520	R3: 33410