Dow Jones: Cautious Optimism Amidst Upward TrendCautionary Negative Outlook 19/6/2024

The Dow Jones Industrial Average displayed a strong upward trend yesterday, reaching a high of 38972.

Technical Outlook:

Today’s technical analysis indicates a continuation of the positive momentum. The simple moving averages are now providing support from below, and the Relative Strength Index (RSI) is attempting to stabilize above the 50 midline, both suggesting a bullish bias.

Upward Potential:

We maintain a cautiously optimistic outlook, contingent on the index remaining above the 38730 support level. If this level holds, our initial target is 38950, with the potential for further gains towards 39070.

Downside Risks:

However, traders should remain vigilant. A close below 38730 would delay the upward movement and could trigger a bearish correction, potentially targeting 38630.

Key Levels:

• Support: 38730, 38630
• Resistance: 38950, 39070

Disclaimer:

This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high, and potential returns may not be proportional to the risks involved.

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.

S1: 38730	R1: 38950
S2: 38630	R2: 39070
S3: 38510	R3: 39175