Dow Jones maintains negative stability 5/10/2023

Negative trading dominated the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange yesterday within the expected bearish context, recording its lowest level at 33,020.

On the technical side today, we tend towards negativity in our trading, but with caution, relying on the continued negative pressure from the simple moving averages, which is stimulated by the negative signals of the Relative Strength Index on short time intervals.

Therefore, the possibility of continuing the decline is still valid and effective, targeting 33,090 as the first target, knowing that breaking it increases and accelerates the strength of the downward trend, so we are waiting for 32,880.

The price’s consolidation again above 33,440 with the closing of the hourly candle can thwart the bearish scenario and the upward trend returns to controlling the index’s movements with a target of 33,510 and 33,570.

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: 33095	R1: 33440
S2: 32880	R2: 33570
S3: 32750	R3: 33780