Dow Jones continues to make losses 17/6/2022

The Dow Jones Industrial Average incurred heavy losses during the previous trading session, within the expected negative outlook, touching the official price station at 29,770, recording its lowest level at 29,730.

On the technical side, and by carefully looking at the 4-hour chart, we find the simple moving averages continuing the negative pressure on the price from above and the RSI defending the continuation of the bearish trend.

Therefore, the possibility of continuing the decline may be valid and effective with the stability of trading 30,330 to target 29,730, and it should be noted that breaking 29,730 will cause a strong downside wave with its initial target of 29,660 and 29,560, and losses may extend later towards 29,170 as long as the price is stable below 30,330.

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: 29660	R1: 30710
S2: 29170	R2: 31280
S3: 28600	R3: 31770