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The Dow Jones Industrial Average continues its upward trajectory, attempting to regain bullish momentum after reaching a new session high of 44,814 on Wall Street.
Technical Outlook for Today’s Session:
From a technical perspective, the simple moving averages remain supportive, acting as dynamic support levels that help maintain the upward bias. The Relative Strength Index (RSI) is also beginning to exit overbought territory, which may allow for a brief consolidation or mild correction before resuming the broader uptrend.
Likely Intraday Scenario – Mild Pullback Before Continuation:
In the coming hours, intraday price action may show a temporary dip, with the index potentially retesting:
- 44,450 as initial support
- A deeper pullback could reach 44,380 if the first level is broken
Such a move may offer a technical reset before the uptrend resumes.
Bullish Continuation Scenario:
If the index maintains price stability above 44,725, it would invalidate the pullback scenario and likely lead to continued upside, with near-term resistance targets at:
- 44,910
- Followed by 44,990
Market Catalyst:
Markets are expected to experience elevated volatility today as Federal Reserve Chairman Jerome Powell delivers a key speech. His comments may influence expectations on interest rates and impact equity markets significantly.
Caution:
With persistent geopolitical and trade-related tensions, the overall risk level remains high. All outcomes are on the table, and traders should apply strict risk management.
Disclaimer: Trading in CFDs carries inherent risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for the Dow Jones Industrial Average.
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