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The Dow Jones Industrial Average declined significantly at the end of last week’s trading after failing to maintain trading above the 34,780 support level.
On the technical side, the index started its weekly trading on a bearish slope as a result of the negative pressure of the 50-day moving average, which coincides with the stability of the RSI below the 50 mid-line.
From here, with stable intraday trading below 34,780 and generally below 34,980, the bearish bias is likely today, knowing that breaking 34,650 opens the way to visit 34,470 first target, and may extend later towards 34,280.
Stability above 34,980 will immediately stop the suggested bearish scenario, and the index will recover to retest 35,490 and 35,300 respectively.
| S1: 34470 | R1: 34980 |
| S2: 34275 | R2: 35300 |
| S3: 33950 | R3: 35490 |
