Dow Jones is witnessing a bearish trend 6/7/2023

The Dow Jones Industrial Average failed to achieve the bullish target published during the previous report, on which we relied on stability above 34,620.

On the technical side, we find that the index temporarily failed to maintain positive stability above 34,500, and we notice that the price moved below the 50-day simple moving average, accompanied by a decline in bullish momentum.

We may witness a bearish trend during the coming hours, targeting 34,310 as the first target, knowing that breaking it will extend the index’s losses, as we are waiting to touch 34,225 as the next target.

We remind you that activating the suggested bearish scenario depends on the stability of daily trading below 34,570, and crossing it upwards will immediately stop the downside attempts, and the index will recover towards 34,740.

Note: Today we are awaiting high-impact economic data issued by the US economy, “jobs data in the non-agricultural private sector,” “vacant jobs and labor turnover,” service purchasing managers, “OPEC meeting,” and “the report issued by the International Energy Agency on oil stocks.” We may witness high volatility at the time of issuance of the news.

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

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: 34310	R1: 34570
S2: 34225	R2: 34740
S3: 34060	R3: 34830