Dow Jones incurs heavy losses 13/6/2022

Notable losses incurred by the Dow Jones Industrial Average on Wall Street, to lose approximately 2.5% of its balance, within the expected negative outlook, touching the official required target of 32,600, recording its lowest level at 31,032.

Technically, the index’s current movements are witnessing stability around the lowest level during the 31,032 session. However, with a careful look at the chart, we find the simple moving averages supporting the bearish price curve, which comes in conjunction with the bullish momentum confined to the short time frames.

Therefore, the bearish scenario is still valid, targeting 30,910 first target, considering that the decline below the mentioned level quickly increases the strength of the daily bearish trend, so we will be waiting for 30,610 waiting price stations unless we witness a consolidation above 31,400.

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: 30610	R1: 31915
S2: 30170	R2: 32775
S3: 29300	R3: 33215