Dow Jones stable below resistance 9/6/2022

Positive trades dominated the movements of the Dow Jones Industrial Average on Wall Street. To remind, we adhered to intraday neutrality during the previous analysis due to the conflicting technical signals, explaining that activating the bullish slope depends on cohesion above 33,100 to record the highest 33,144 and return to negativity.

On the technical side today, with careful consideration on the hourly chart, with the return of the stability of trading below the resistance level of the psychological barrier 33,000, and most importantly below 33,100, which the index preferred to stabilize above it for a long time, in addition to the negative signals coming from the RSI.

Therefore, there is a possibility of a bearish tendency in the coming hours. Knowing that trading below 32,880 facilitates the task required to visit 32,740 first target and breaking it opens the door for the index towards 32,600 as long as the price is generally stable below 33,100.

Consolidation and trading above 33,100, opening the door to the upside, with an initial target of 33285.

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: 32740	R1: 33085
S2: 32590	R2: 33285
S3: 32390	R3: 33430