Dow Jones is waiting for confirmation of breaking 30,000 to continue the descending wave 23/9/2022

During the last trading session, mixed trading dominated the Dow Jones Industrial Average movements on the Wall Street Stock Exchange. It is still negative movements to the downside. The price of the index is currently stabilizing around 30115.

Technically, we tend to the negativity, but cautiously, relying on the price’s pivot below the resistance level of 30,395 accompanied by the decline of the bullish momentum on the short time frames, in addition to the negative pressure of the simple moving average.

We await confirmation of breaking the 30,000 demand area, which increases the strength of the daily bearish trend, to be waiting to touch 29,945 first targets, then 29,770 next stations, whose negative targets may extend later towards 29,700 as long as the price is stable below 30,395.

Attempts to consolidate above 30,395 invalidate the activation of the proposed scenario, and we are witnessing a trading session in the green areas to visit 30,665, the first ascending target.

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

Note: We are awaiting the Federal Reserve’s speech later in today’s session and may witness high price volatility.

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: 29945	R1: 30395
S2: 29770	R2: 30665
S3: 29495	R3: 30840