Dow Jones May Weaken Against Bearish Bias

The current moves in the Dow Jones Industrial Average are witnessing a bearish bias, after finding a strong resistance level that forced it to trade below the support level of 32670.

On the technical side, today, we are negatively biased in our trading, relying on the continuation of the RSI’s defense below its midline, in addition to the clear negative crossover signals on Stochastic.

Therefore, the bearish bias is likely today, completing the previous analysis targets at 32,350, and then 32,300 next official stations.

Only from the top, the stability of trading and building a new base above 32,670 negates the bearish scenario, and we may witness bullish intraday trades targeting a re-test of 32,730.

Note: The risk level may be high today.

S1: 32350	R1: 32730
S2: 32145	R2: 32895
S3: 31975	R3: 33100