Dow Jones: negative pressure continues 16/6/2022

Random trading dominated the movements of the Dow Jones Industrial Average during the previous trading session, affected by the Federal Reserve’s decision to raise interest rates by 75 basis points, to reach its lowest level at 30,170, to close around 30,665.

On the technical side, the intraday movements of the indicator are witnessing a limited bullish tendency on the short time frames.

Looking at the chart, we tend to the negativity, relying on the negativity of the stochastic indicator and stability of the daily trading below the resistance level of 31,100.

Therefore, the bearish scenario remains the most preferred today, targeting the 30,220 first target, knowing that breaking it increases and accelerates the strength of the bearish daily retracement, to be waiting for 29,770.

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: 30220	R1: 31060
S2: 29775	R2: 31450
S3: 29380	R3: 31895