Dow Jones May Witness a Temporary Decline

The Dow Jones Industrial Average declined significantly during the previous session’s trading, negating the positive outlook. As we expected, as a reminder, we indicated that returning to trading again below the support level of 28550 will immediately stop the daily bullish trend, and witnessing negative trades targeting 28325, posting low at 28293, offsetting long position losses.

Technically speaking, with the negative pressure coming from the moving average 50 in addition to the price consolidation below the broken support-into-resistance 28540, we may witness downside movements during the coming hours targeting 28185 as a first target followed by 28150 taking into account that trading below the latter extends losses towards 28030.

From the top, and surpassing the upside above 28550 will stop the expected bearish bias, and the index will recover again with a target of 28620, and the gains may extend towards 28690. Warning: The risk level may be high.

S1: 28185	R1: 28620
S2: 28030	R2: 28885
S3: 27760	R3: 29050