Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trading dominated the movements of the Dow Jones Industrial Average, nullifying the negative outlook as we expected, we indicated during the previous analysis that the breach of 28550 is capable of negating the bearish scenario, and the index returns to trade positively, heading towards 28740, to post high at 28730.
On the technical side today, and despite the bullish bias, we find the current trading tends to be negative and stable below 28680, as we find the RSI indicator started to lose bullish momentum over the short term.
This increases the possibility of the bearish bias during the coming hours with the aim of retesting 28370. From the upside, confirmation of breaching 28680 and staying above is able to negate the expected bearish bias, and the index will regain the bullish path to find its way towards 28770 then 28830
Warning: The level of risk is high.
| S1: 28370 | R1: 28770 |
| S2: 28150 | R2: 28945 |
| S3: 27970 | R3: 29165 |
