Dow Jones: Negative pressure remains 3/10/2023

Negative trading dominated the movements of the Dow Jones Industrial Average on the Wall Street Stock Exchange within the expected bearish context, touching the first target to be achieved at 33,840, recording its lowest level at 33,435.

On the technical side, the movements of the index witness stability below the psychological barrier of 33,870. Looking closely at the 4-hour time frame chart, we find signs of negativity continuing to dominate the Stochastic indicator, which is losing upward momentum gradually, in addition to the stability of the index price below the mentioned resistance level.

Therefore, a bearish bias may occur during today’s trading session, knowing that sneaking below 33,440 may facilitate the task required to visit 33,370 and 33,150 as awaited targets.

The price’s consolidation again above 33,870 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 34,150.

Warning: The level of risk may be high and not proportional to the expected return.

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: 33370	R1: 33870
S2: 33150	R2: 34155
S3: 32865	R3: 34370