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Dow Jones Settles Below Support

Adel 28 October, 2020 11:01 am Daily Technical Analysis, Technical Analysis

The Dow Jones Industrial Average declined significantly, and we indicated in the previous analysis that trading below 27500 will negate any intraday attempts to rise and push the index towards the downside towards 27265, posting a low at 27175.

Technically, we see a consolidation below the support-into-resistance at 27460 with the RSI indicator losing bullish momentum.

The downside scenario will be intact, knowing that trading below 27170 facilitates the mission required to visit 2703/27040. then 26850.

Activating the bearish scenario depends on trading remaining below 27460, and rising above that may negate the bearish trend and form a bullish slope with an initial target of 27570. Warning: the risk level may be high.

S1: 27035R1: 27570   
S2: 26840R2: 27910   
S3: 26500   R3: 28110   

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