Stock index Dow Jones continue to move within the correction and the downward channel. This is where the “Triangle” model is formed. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing 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 33854. At the moment, we should expect an attempt to develop a correction and test the resistance level near the 34055 area. Where should we expect a rebound down and a continuation of the fall of Dow Jones quotes to the area below the level of 30605.
Dow Jones Index Forecast and Analysis March 17, 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 boundary of the descending channel, as well as from the upper boundary of the Triangle model. Cancellation of the option of falling quotes of the index will be a strong growth and a breakdown of the 34625 area. 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 31805 area, which will indicate a breakdown of the lower boundary of the “Triangle” model.
Dow Jones Index Forecast and Analysis March 17, 2022 suggests an attempt to test the resistance level near the area of 34055. Then, the fall continues to the area below the level of 30605. A test of the trend line on the relative strength index (RSI) will test in favor of the Dow Jones quotes fall. Cancellation of the fall option will be a strong increase in the value of the index and a breakdown of the area of 34625. This will indicate a continuation of the rise with a target above the area of 35705.
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