How’s the market doing today? Great! U.S. stock futures pointed to rise at the open Wednesday, putting the Dow on track to build on an earnings-driven rally that has taken it back into positive territory for the year. Analysts at ADS Securities shared how the index trades currently in this 18 April Dow Jones Technical Analysis.
18 April, ADS Securities – The Dow Jones index posted significant gains in the last session, as better-than-expected earnings from UnitedHealth, Goldman Sachs, and Johnson & Johnson, lifted the index higher.
18 April Dow Jones Technical Analysis
As of now, the index is trading in a short range of 24740-24850 on the 1H chart, hinting at likely consolidation in the coming session. However, the MACD indicator is likely to cross the signal line from above, suggesting at possible correction over intraday basis. Key technical support is located at the 24715 level, followed by the 24655 and 24600 levels.
A move back below the latter might lead to negative momentum in the index. On the other hand, key intraday resistance is placed at 24825 level, followed by the 24890 and 24945 levels. A break and stability above the latter might generate further upside acceleration in the index.
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This article was provided by analysts of ADS Securities.
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