Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average witnessed a bullish rally, with the first trading sessions touching the first awaited target at 35,840, recording its highest level of 35,888.
On the technical side, we tend to be positive, but cautiously, relying on the index obtaining a positive stimulus from the 50-day moving average, which continues to hold the price from below, in addition to the stochastic positioning around the overbought areas.
From here, and with stable intraday trading above the support level of 35,640, the bullish bias is the most desirable. We will witness levels around 35,845, which is a motivating factor contributing to achieving more records to target 35,970 and 36,050, respectively.
Declining below the support level 35,640 can entirely thwart the suggested scenario from negative pressure, its initial target 35,550, before attempting to rise. Note: The risk level is high.
| S1: 35640 | R1: 35845 |
| S2: 35550 | R2: 35970 |
| S3: 35420 | R3: 36050 |
