Dow Jones Form a Negative Attack 22/2/2022

The Dow Jones Industrial Average achieved noticeable losses after it failed to consolidate above the 34,000 support level, forming a negative attack towards 33,400 areas.

On the technical side, by looking at the 60-minute chart, we find that the RSI continues to receive negative signals, stable below the 50 mid-line, in conjunction with the move below the 50-day simple moving average.

Therefore, the possibility of resuming the daily bearish trend is still valid and effective. The decline below 33,400 can extend the index’s losses to visit 33195/33200. Losses may extend later to visit 32,850 if the price is settled below 33,400.

Rising above 33,400 will postpone the chances of a decline, and the index may recover to retest 34,150.

Note: the level of risk is high

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

S1: 33195	R1: 34140
S2: 32840	R2: 34710
S3: 32260	R3: 35070