The Dow Jones Industrial Average fell below a key support level and looks set to push lower toward 9,679 points in the short term, Royce Tostrams, technical analyst from Tostrams Groep, told CNBC Monday.
After falling 2 percent in January, the Dow has fallen below the lows of December and January, which has triggered more selling pressure for the short term, Tostrams said.
"The Dow Jones could easily fall towards its lows of early November ... so for the short term there is a falling trend sentiment … and we advise to stay on the sidelines," he said.
In the medium term, the Dow Jones Industrial Average will likely remain within a range between 9,700 and 10,700 points, Tostrams added.
The index closed at 10,067 points on Friday.
- Watch the video above to see Tostrams' views on Euro Stoxx 50
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