Dow Jones: negative pressure in place 21/2/2023

The Dow Jones Industrial Average declined significantly on Wall Street, recording its lowest level during the previous session’s trading at 33,470.

On the technical side today, we notice the stability of intraday trading below the resistance level of 33,850. In addition, the simple moving averages continue the negative pressure on the price from above and the clear negative signs on the RSI on the short time frames.

We tend to be negative, but with caution, targeting 33,600 first, knowing that a decline below the above increases and accelerates the strength of the daily bearish trend, to wait for 33,490 next station.

From the top, it crossed upwards, and the index’s rise above 33,870/33,850 can thwart the suggested bearish scenario. We are witnessing a trading session in positive areas, with its initial target around 34,040.

Note: Today we are awaiting high-impact economic data issued by the US economy “Services Purchasing Managers Index”, and we may witness high volatility during the news release.

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: 33490	R1: 33870
S2: 33290	R2: 34045
S3: 33110	R3: 34245