The Dow Jones May Face Further Decline 20/1/2022

As expected, the Dow Jones Industrial Average continues its negative movements, approaching a few points from the target published during the previous analysis, located at 34,820, recording its lowest level at 34,855.

Technically, with the negative pressure coming from the simple moving averages that continue to pressure the price from the top, in addition to the stability of trading below the previously broken support level at 35,140 and most importantly 35,240, makes the bearish trend the most likely to target 3,4880, knowing that breaking it opens the door to 34,780.

Rising above 35,140 and 35,240 can postpone the suggested bearish scenario, and we may witness a limited upward bias that aims to retest 35,360.

Note: the level of risk is high

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

S1: 34785	R1: 35360
S2: 34540	R2: 35670
S3: 34220	R3: 35925