Dow Jones trying to get positive signals 22/4/2024

The Dow Jones Industrial Average found support at 37,685, facilitating a modest upward rebound and reaching its peak at 38,344.

From a technical standpoint today, we maintain a positive outlook on trading activities, buoyed by the Relative Strength Index’s (RSI) efforts to generate positive signals above the 50 midline. Additionally, the index is approaching the 50-day simple moving average.

As long as daily trading remains above 38,880, there’s a potential for an upward bias, albeit with caution, targeting 38,440. It’s noteworthy that breaching this level could bolster the momentum, potentially leading to a touch of 38,525.

Conversely, a return to daily trading stability below 37,865 would promptly halt the upward momentum and subject the index to significant downward pressure, with a target set at 37445.

Risk Advisory: Investors should exercise caution due to the elevated risk level, particularly amidst ongoing geopolitical tensions, which may contribute to heightened price fluctuations.

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: 37865	R1: 38525
S2: 37445	R2: 38765
S3: 37210	R3: 39185