Dow Jones facing negative pressure 22/6/2022

Mixed trading dominated the movements of the Dow Jones Industrial Average on Wall Street, recording its highest level around 30,640 and is now hovering near its lowest level 30,230.

The technical aspect today indicates the possibility of a decline, with the continuation of the negative signals coming from the RSI and its stability below the mid-line 50 on the 60-minute time frame, in addition to the price’s pivot below 30,490, and most importantly 30,520.

Therefore, the bearish bias remains the most likely, targeting 30,080 first target, and breaking it increases the strength of the bearish trend, so we will be waiting for 29,960 as long as the price is stable below 30,520.

The above and consolidation above 30,520 will stop the suggested scenario and lead the index to visit 30,800.

Note: the level of risk is high.

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: 30080	R1: 30520
S2: 29920	R2: 30810
S3: 29630	R3: 30970