Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average declined significantly during the previous session, within the expected bearish path, touching the official target at 34,000, to record its lowest price at 33,982.
On the technical side, we believe that chances of a continuation of the decline are still available due to the negative pressure of the 50-day moving average, which coincides with the RSI’s continued defense of the bearish trend.
From here and steadily, intraday trading is below 34,510/34,500, which constitutes an obstacle to the index. Therefore, the direction is bearish, targeting 34,095 first target then 34,000, and breaking the latter extends the losses towards 33840.
The return of trading stability with closing an hourly candle above 34,510 can thwart the suggested scenario, and we may witness a slight bullish bias targeting 34,640. Note: The risk level is high.
| S1: 34095 | R1: 34510 |
| S2: 33840 | R2: 34645 |
| S3: 33695 | R3: 34910 |
