Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A noticeable rally for the Dow Jones Industrial Average during the previous session within the positive outlook as we expected, surpassing the official target at 36,280 to record its highest level at 36,370.
On the technical side today, the bullish trend is the most preferred, based on stochastic positioning around the overbought areas, in addition to the RSI’s continued defense of the bullish direction.
Therefore, with intraday trading remaining above the 36,040 support level, and most importantly 36,000, it encourages us to keep our positive outlook, knowing that breaching 36,370 increases the strength of the daily bullish trend that we are waiting for 36,400 first targets, and then 36,600.
A breach below 35,980 can thwart the proposed scenario, and the Dow Jones index is witnessing a bearish tendency, targeting 35,750, before attempting to rise again. CAUTION: The risk level is high.
| S1: 35980 | R1: 36400 |
| S2: 35750 | R2: 36600 |
| S3: 35555 | R3: 36830 |
