Dow Jones Could See a Downward Slope 17/2/2022

The Dow Jones Industrial Average achieved the first target to be touched at 34,880, approaching the second target of 35,110, recording a high of 35,060.

On the technical side today, and by looking at the 60-minute chart, we notice the signs of negativity that started appearing on the momentum indicator, which indicates gaining bearish momentum due to stabilizing below the 50 mid-line.

Therefore, there may be a possibility to visit 34,495, and a decline below it may extend the selling pressure on the index for a possible visit to the 34,275 areas next station as long as the price is stable below the psychological barrier of 35,000.

Consolidation above the psychological barrier resistance 35,000 might lead the index to recover to retest 35,280.

Note: The risk level is high and we may see volatile movements.

Note: CFD trading involves high risk; all scenarios may occur.

S1: 34495	R1: 35000
S2: 34275	R2: 35280
S3: 33990	R3: 35505