Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average experienced mixed trading during the American trading session yesterday, initially achieving the bearish target at the outset of trading at the price of 37840 and recording its lowest level at 37760. However, it later initiated an upward rebound, penetrating the resistance level of 38090. The breach of this level is noted as a signal for the index to embark on the official upward path, with initial targets starting at 38210 and reaching its highest level at 38113.
From a technical perspective today, indications of intraday negativity have started to appear on the Stochastic indicator. In addition, intraday trading remains below the 38090 resistance level.
There is a possibility of a bearish bias emerging in the coming hours, aiming to retest 37785 before potential attempts to rise again. It’s crucial to note that the bearish bias does not contradict the overall upward trend, and the targets for the general trend are situated around 38300 once 38140 is breached.
Traders are advised to closely monitor the Stochastic indicator and the key resistance levels for potential market developments. The bearish bias should be considered within the broader context of the ongoing upward trend.
A cautionary note is warranted today as high-impact economic data related to the American economy (FOMC Minutes, ISM Manufacturing PMI, and JOLTS Job Openings) is anticipated. This may result in increased volatility during the release of these news items. Traders are advised to exercise vigilance and consider the potential market reactions to these events.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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