Dow Jones Maintains Positive Momentum 12/1/2024

The Dow Jones Industrial Average on the New York Stock Exchange exhibited positive trading during the previous session, reaching its peak at 38,038.

From a technical perspective today, there is a positive inclination in trading, supported by intraday stability above the support level of 37,840, and more broadly, above 37,790. The positive momentum is sustained by the simple moving averages, which continue to provide upward support.

Hence, the preference is for an upward bias, with the breach of 38,030 serving as a motivating factor for the index to target 38,070 as the first goal. If the price consolidates above 38,070, it could further accelerate the strength of the upward trend, opening the path directly towards 38,260.

A drop below 37,790 would halt the proposed bullish scenario, redirecting the index into a bearish trend with a target at 37,530.

Warnings:

• High-impact economic data is expected from the American economy today, including the “monthly core producer prices” and the “monthly producer price index.” Additionally, the “monthly gross domestic product” indicator from the United Kingdom is anticipated, potentially leading to increased volatility during the news release.
• The risk level is considered high, particularly amidst ongoing geopolitical tensions, which may contribute to increased price volatility. Caution is advised.

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: 37665	R1: 38070
S2: 37445	R2: 38260
S3: 37260	R3: 38480