Dow Jones deepens its losses 19/1/2023

The Dow Jones Industrial Average achieved significant losses on Wall Street, within the expected negative outlook during the previous analysis, touching the expected target to be achieved at the price of 33,710, recording 33,200.

On the technical side, today, the trend is bearish due to the RSI defending more negative moves and the negative intersection of the Simple Moving Averages over the medium time frames.

Therefore, with the stability of daily trading below the previously broken support of 33,360, the bearish scenario remains valid and effective, targeting 32,950 as the first target, knowing that breaking it increases and accelerates the strength of the bearish trend, opening the door at 32,810.

Only from above, trading stability returns, and price stability above 33,360 postpones chances of a decline, and we witness a retest of 33,700 before falling again.

Note: The risk level 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: 32950	R1: 33760
S2: 32670	R2: 34290
S3: 32140	R3: 34570