Dow Jones facing strong selling 22/4/2022

Mixed trading dominated the movements of the Dow Jones Industrial Average, touching the first required target during yesterday’s session, at 34,345, to trade with noticeable negativity as a result of touching the resistance of 35,400.

Technically, the index price returned to a base below 34,860, the previously broken support into a resistance level, as we find that the RSI started to lose the bullish momentum on the short time frames.

Therefore, there may be a possibility to visit 34,400 as the first target, knowing that breaking the mentioned level leads the index to visit 34,150 as long as the price is stable daily below 34,860.

Above 34,890 could cancel the suggested scenario altogether, and we may witness a bullish slope targeting 35170.

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: 34400	R1: 35175
S2: 34130	R2: 35680
S3: 33625	R3: 35950