Technical-Analysis

Dow Jones in the Green

Dow Jones in the Green

The Dow Jones index closed higher by 418 points or 1.23% on Thursday, and following a four-day winning streak, rose 4.7% for the week so far, and is on track for its best weekly gain since November 2020.

From a technical perspective, the momentum indicator suggests an uptrend since the MACD is positive and the histogram value is increasing, resulting in upside momentum which is increasing.

In case the selling interest continues, initial support may come from the first support level at 32,162, followed by 30,446 and 28,613. Upside pressure could push the index towards the first resistance point 35,727 followed by 37,544 and 39,276.

The picture mixed as Simple Moving Averages of 50, 100 and 200 are above the price while Simple Moving Average of 20 crossed below the price.

Disclaimer:

Important Disclosures and Disclaimers. This report is intended for informative purposes only.  Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security.  It is recommended that investors independently evaluate the strategies and consult a financial adviser before proceeding to the purchase or sale of any security or other financial instrument.  Also note that past performance may not be a reliable indicator of future returns.  Investors may not get back the original amount invested.  This report has been compiled based on information that I believe is reliable, but the accuracy, completeness, or correctness cannot be guaranteed.  The opinions contained within the report are based upon publicly available information at the time of publication and are subject to change without notice.

The use of forward looking wording such as “expect”, “estimate”, “forecast”, involve known and unknown risks and uncertainties which may mean that the actual results may differ from any future results implied by the forward looking wording included in the relevant statement

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