Noor Trends News, Technical Analysis, Educational Tools and Recommendations
An upward trend dominated the movements of the Dow Jones Industrial Average at the end of last week’s trading, within the expected gradual ascending path, recording its highest level at 33,967.
Technically, despite the continuation of the 50-day simple moving average, providing a positive motive that supports the bullish price curve, we notice the gradual loss of bullish momentum stochastic and the stability of the intraday trading below 33,760.
Therefore, we may witness a bearish bias in the coming hours, to retest 33,460 before attempts to rise again, knowing that the bearish bias does not contradict the daily bullish trend, which targets around 33,950 and 34,210 once the breach of 33,960 is confirmed.
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.
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