Dow Jones: Negative pressure remains 25/9/2023

The Dow Jones Industrial Average recorded notable losses on the New York Stock Exchange at the end of last week’s trading, touching the first downward target to be achieved at 34,230, recording its lowest level at 34,211.

Technically, the downward trend is still valid and effective, with the continuation of the negative intersection of the simple moving averages, which continues to put negative pressure on the price from above and is stimulated by the clear negative signals on the 14-day momentum indicator.

From here, with daily trading remaining below the resistance level of 34,400 and more importantly 34,415, the bearish bias is the most likely, targeting 34,200 as the first target, knowing that breaking the aforementioned level extends the index’s losses, directly opening the door to visit 34,100.

The price’s consolidation again above 34,415 can temporarily thwart the bearish scenario and lead the index to retest 34,520.

Note: Risk level may be high.

Note: Risk level may be high.

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: 34200	R1: 34415
S2: 34100	R2: 34525
S3: 33990	R3: 34630