Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average declined significantly, exceeding the official target at 38,895, recording its lowest level at 35,820 within the expected negative attack.
On the technical side, we are inclined to the negativity today, relying on the clear negative signs on the stochastic indicator, which coincides with the continuation of the RSI’s defense of the daily bearish trend.
From here, trading below the previously broken support-into-resistance at 36,060 encourages us to maintain our negative expectations, targeting 35,780, noting that declining below the mentioned level opens the door for more losses towards 35,680.
The return of the index’s stability above 36,060 can thwart the bearish corrective scenario, and the index may recover again with an initial target of 36,110 and 36,1160. Note: the risk level is still high.
| S1: 35780 | R1: 36020 |
| S2: 35680 | R2: 36160 |
| S3: 35540 | R3: 36260 |
