Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average declined noticeably after hitting a strong resistance level near 35,970, to start the daily trading for the current session around 35,275.
On the technical side today, we notice the clear negative signs on the 14-day momentum indicator and its stability below the 50 mid-line, in addition to the index breaking the 35,460 support area, which is now turning into a resistance level.
Therefore, we may witness more declines during today’s session, knowing that breaking 35,275 will extend the index’s losses to be 35,110, the next price target, and losses may extend towards 34,940.
Activating the suggested bearish scenario depends on the trading stability in the coming hours below the level of 35,460, and strength above it again may push the index to retest 35,645.
| S1: 35110 | R1: 35645 |
| S2: 34935 | R2: 35980 |
| S3: 34595 | R3: 36170 |
