Dow Jones may witness a temporary decline 16/5/2023

The current movements of the Dow Jones Industrial Average are witnessing a bearish tendency to start with negative pressure on the support level of 33,240 during the morning trading of the current session.

Technically, the 50-day simple moving average presses the price from above, and it meets around the resistance level of 33,400, adding more strength to it, in addition to declining momentum on the short-term frames,

We tend to be cautiously negative, targeting a retest of 33,240, and we must pay close attention to this level because breaking it would extend the index’s losses, opening the door towards 33,140.

Only from the top the index’s consolidation above 33,42 will immediately stop the bearish scenario and lead the index to recover towards 33,580.

Note: The level of risk is high and may not be commensurate with the expected return, and all scenarios are open to occurrence.

Note: Today, we are waiting for high-impact economic data issued by the US economy, “US retail sales,” and from the United Kingdom, we are waiting for “the change in unemployment benefits” in addition to “inflation data” from Canada and the speech of the President of the European Central Bank, and we may witness high volatility in prices at the time Release the news.

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: 33140	R1: 33425
S2: 33000	R2: 33580
S3: 32850	R3: 33720