Dow Jones closes positive 30/4/2024

The Dow Jones Industrial Average has recently closed above the crucial support levels at 38300 and, notably, 38250 over several consecutive sessions.

Today’s technical analysis suggests a cautiously positive outlook, with emphasis on price stability above the 50-day simple moving average and continued positive signals from the Stochastic indicator.

Sustaining daily trading above 38300 is likely to reinforce the upward momentum, targeting an initial objective at 38615. A breach of this level could further strengthen the upward trend, potentially paving the way for gains towards 38705 and 38815, with potential extensions towards 38920.

Conversely, a return to stability below 38300 may prompt a retest of the key support level at 38240 before establishing the next price direction.

Traders should exercise caution today, as high-impact economic data from the American economy, including the “Employment Cost Index” and “Consumer Confidence Index,” are scheduled for release. This could result in heightened price volatility during the news release.

Furthermore, it’s essential to acknowledge the elevated risks associated with current geopolitical tensions, which may contribute to increased price fluctuations.

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.

S1: 38415	R1: 38615
S2: 38300	R2: 38705
S3: 38210	R3: 38815