Dow Jones tries to recover 17/10/2024

The Dow Jones Industrial Average exhibited an upward trend on Wall Street, bouncing off the support level at 42940, which contributed to its recent gains.

Technical Outlook:
We lean toward a positive outlook, cautiously based on the stability of daily trading above 43220. The simple moving averages are attempting to provide support from below, indicating the possibility of further upward movement. The initial target for the upward trend is 43470, and breaking above this level could act as a catalyst to push the index toward 43520.

However, if the index stabilizes below 43220, this could lead to renewed negative pressure, with an initial target of 43040.

Warnings:

• High-impact economic data is expected from both the European and U.S. economies, including interest rate updates, retail sales, and unemployment benefits reports, which could introduce significant price volatility.
• The risk level remains high due to ongoing geopolitical tensions, making all scenarios possible. Caution is advised.

Disclaimer: Trading in CFDs carries inherent risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for the Dow Jones Industrial Average.

S1: 43035	R1: 43470
S2: 42770	R2: 43635
S3: 42600	R3: 43900