Dow Jones: Selling pressure remains 18/11/2022

The Dow Jones Industrial Average declined significantly on Wall Street yesterday, within the expected downside track, surpassing the official target station at 33,400, recording its lowest level at 33,144.

Technically, we tend to be negative, but with caution, relying on the price’s stability below the moving averages and the stability of the RSI below the 50-line on the 60-minute time frame.

Therefore, we expect to touch 33,450 as the first target, and we must pay close attention to this level, because breaking it extends the index’s losses, so we will be waiting to touch the second target around 33,200 initially.

From above, the return of the index price stability above the resistance level of 33,700, and most importantly 33,740, postpones the activation of the bearish scenario, and the index begins to compensate part of the losses of the previous session, towards 33,980.

Note: The level of risk 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: 33200	R1: 33740
S2: 32895	R2: 33980
S3: 32655	R3: 34280