Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A negative trading session dominated the movements of the Dow Jones Industrial Average within the expected bearish context, touching the first target published during yesterday’s technical report at 33,700, recording its lowest level at 33,655.
On the technical side, the bearish scenario is still the most likely a result of the negative pressure coming from the 50-day simple moving average, in addition to the continuation of the relative strength index’s defense of the bearish direction.
Therefore, we target 33,680 as the first target, knowing that breaking the mentioned level increases and accelerates the strength of the bearish daily trend, to be waiting for the next 33,550 station.
From above, consolidation above 33,895 might lead the index to retest at 33,985 and 34,000, respectively.
The risk level is high.
Note: Today we await high-impact data from the US economy, in addition to the speech of “Jerome Powell” Chairman of the Federal Reserve, and we may witness high volatility in prices.
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.
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