Dow Jones may witness a downward slope 2/11/2022

Positive trading dominated the movements of the Dow Jones Industrial Average, which recorded its highest level on Wall Street, around 32,996, and started today’s session with a bearish slope that is still limited.

On the technical side, the intraday movements of the indicator are witnessing a bearish bias as a result of the clear negativity on stochastic, which started to lose the bullish momentum gradually, in addition to the stability of the RSI below the mid-line 50.

We may witness a bearish slope in the coming hours, initially targeting a retest of 32,450. Although we are satisfied with this target only due to the high-risk rate, note that the bearish slope does not contradict the attempts to rise, knowing that surpassing the resistance level of 32,970 leads the index to complete its gains to visit 33,240.

Note: Investors will monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference. They have an essential impact on markets, and we may witness high volatility.

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: 32450	R1: 32970
S2: 32210	R2: 33240
S3: 31940	R3: 33485