Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average (DJI30) suffered sharp losses on Wall Street, impacted by widespread profit-taking after a record-breaking rally.
Technical Outlook for Today’s Session – 4-Hour Timeframe:
The 50-period Simple Moving Average (SMA) supports the upward trend and acts as a support level, attempting to push the price higher.
The Relative Strength Index (RSI) continues to give negative signals despite clearly reaching oversold territory, reflecting the strength of the immediate downward bias.
Likely Scenario:
Given the conflicting technical signals, we prefer to monitor price action:
A confirmed break below the 47,500 support level could pave the way for a move towards 47,200. Conversely, a return to stability above the 47,830 resistance level would lead the index to attempt a recovery within the official upward trend, targeting 48,210 and potentially 48,340.
Caution: The risk level is high and may not be commensurate with the potential return.
Warning: The level of risk is high amid ongoing trade and geopolitical tensions, and all scenarios are possible.
Trading in CFDs involves risks, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 47200 | R1: 48210 |
| S2: 46850 | R2: 48855 |
| S3: 46200 | R3: 49210 |
