Stock index Dow Jones continue to move as part of the fall and the downward channel. This is where the “Triangle” model is formed. Moving averages indicate the presence of a short-term bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall of the stock index on the market already from current levels. At the time of the publication of the forecast, the index is trading at 32809. At the moment, we should expect an attempt to develop a correction and a test of the resistance level near the 33405 area. Where should we expect a rebound down and the continuation of the fall of Dow Jones quotes to the area below the level of 30565.
Dow Jones Index Forecast and Analysis March 16, 2022
An additional signal in favor of falling stock index quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel, as well as the “Triangle” model. Cancellation of the option of falling quotes of the index will be a strong growth and a breakdown of the area of 34505. This will indicate a breakdown of the resistance level and continued growth of the Dow Jones index with a target above the level of 35705. Expect an acceleration in the fall of the stock index quotes with a breakdown of the support area and closing of quotes below the area of 32005, which will indicate a breakdown of the lower boundary of the “Triangle” model.
Dow Jones Index Forecast and Analysis March 16, 2022 suggests an attempt to test the resistance level near the area of 33405. Then, the fall continues to the area below the level of 30565. A test of the trend line on the relative strength index (RSI) will test in favor of the Dow Jones quotes falling. Cancellation of the fall option will be a strong increase in the value of the index and a breakdown of the 34505 area. This will indicate a continued rise with a target above the 35705 area.
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