Dow Jones touches target and eyes on US retail 15/9/2022

The Dow Jones Industrial Average declined, posting significant losses within the expected bearish context during the previous analysis, touching the first profit order at 31,000, recording its lowest level at 30,987.

Technically, we find that the RSI continues to defend the daily bearish trend, in addition to the indicator’s continuing to obtain significant pressure from the simple moving averages that puts pressure on the price from the upside.

From here, and with the price below 31440, the bearish scenario remains valid and effective. Still, we must witness a clear break of the 30,980 support floor, which facilitates the task required to visit 30,820, a first target, and then 30,720 awaited official station.

From above, consolidation above 31,440 can thwart the bearish scenario, and we may witness a recovery for the index targeting a retest of 31,600.

Note: “US Retail Sales” data is due to be released and has a meaningful impact, and we may see high volatility in prices.

Note: the risks are 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: 31040	R1: 31440
S2: 30820	R2: 31615
S3: 30640	R3: 31840