Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average (DJIA) continued its impressive performance, reaching a new high of 41,612 yesterday.
Technical Outlook:
While experiencing a minor pullback due to overbought conditions, the overall technical outlook remains strongly bullish. The simple moving averages (SMAs) are still providing solid support, and the Relative Strength Index (RSI) remains in positive territory, confirming the upward trend.
Upward Potential:
The bullish trend is expected to persist if the DJIA breaks above the 41610 resistance level. This would open the door for a move towards the initial target of 41760, and further gains towards 41940 and potentially 42200 are possible.
Downside Risks:
Traders should remain cautious, however, as a break below 41240 could invalidate the bullish scenario and trigger a correction, targeting 40910.
Key Levels:
- Support: 41240, 40910
- Resistance: 41610, 41760, 41940, 42200
Important Note:
The release of high-impact economic data from the European Central Bank today, including the Monetary Policy Committee statement, interest rate decision, and press conference by the President, could induce significant price volatility. Traders should closely monitor the market’s reaction to these data releases.
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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