Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The Dow Jones Industrial Average on Wall Street continues to grapple with an upward trajectory, reaching its peak during the initial trading session of the week at 39,290.
Today’s technical analysis, upon closer examination of the 4-hour chart, reveals that the simple moving averages continue to provide support for the upward trajectory of prices. Additionally, the Stochastic indicator indicates a concentration around overbought areas.
Under current conditions, as long as trading persists above 39,010, the prevailing upward trend remains the most probable scenario for the day. The primary target stands at 39,235, with a potential breakthrough paving the way for additional gains, commencing at 39,375 and possibly extending further towards 39,460.
Conversely, a breach below 39,010 would halt the anticipated upward trend, subjecting the index price to considerable negative pressure. In such a scenario, the target would be 38,930 initially, before determining the subsequent price destination.
A cautionary note: Today’s market sentiment is influenced by eagerly awaited economic data from the American economy, specifically the “Consumer Confidence Index,” which may induce significant price fluctuations upon its release.
Furthermore, it is essential to acknowledge the heightened risk environment amidst ongoing geopolitical tensions, potentially contributing to increased price volatility.
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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