Dow Jones Tends to The Negative Side

The Dow Jones Industrial Average benefited from touching the strong support level 33,380, which led the price to trade positively again, aiming to retest the 34,300 resistance level.

Technically, by looking at the 4-hour chart, we notice the clear negative signs on stochastic, in addition to the stability of trading below the resistance level of 34,290.

We tend to the negativity, but cautiously, targeting 33,900 first target, knowing that breaking it constitutes a strong negative pressure factor that opens the door for 33,600. On the other hand, the return, price stability above 34,290 increases the possibility of an upward bias, whose target is 34,530. Note: The RSI has started to send warning signals.

Note: The level of risk is high and is not commensurate with the expected return.

S1: 33560	R1: 34530
S2: 32985	R2: 34920
S3: 32590	R3: 35500