TECHNICAL ANALYSIS
On the daily chart, it's evident that the Dow Jones breached a crucial support level yesterday, which now paves the way for a potential decline towards the 32,597 level. A more favorable selling opportunity would undoubtedly emerge at the convergence of the downward trendline and the 61.8% Fibonacci retracement level. However, it's currently challenging to foresee a resurgence that would carry prices to those levels. Nevertheless, following such a substantial downturn, a retracement may become a possibility. On the 4-hour chart, we notice a resistance area near the 34,000 level. This zone includes the 38.2% Fibonacci retracement level and the red 21 moving average, which makes it a likely spot for sellers to enter with a clear risk level just above the resistance. Their aim is to anticipate a drop to the 32,597 level. On the flip side, buyers may become active in this area, aiming for a rise towards the main trendline.
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