Dow Jones Touches The Target of The Downside Correction

Negative trades dominated the movements of the Dow Jones Industrial Average, as we expected, within the beginning of forming a bearish correctional technical movement, touching the first corrective target 36,110, recording its lowest level at 36,065.

Technically, today, we tend to be negative, relying on moving below the simple moving averages, which continue to pressure the index price from above, in addition to the RSI gaining bearish momentum.

Therefore, we will continue the bearish correction referred to yesterday, targeting 35,990/36,000 next station, considering that breaking the mentioned level will extend the index’s losses, paving the way to visit 35,895 initially.

The stability of trading above 36,250 will postpone the bearish correction, and we may witness an ascending path targeting 36,400. Note: The risks are high.

S1: 35990	R1: 36250
S2: 35895	R2: 36410
S3: 35730	R3: 36505