Dow outlook – Re-test of daily 50-SMA likely

FX:US30   Dow Jones Industrial Average Index
Resistance – 17,539, 17,688, 17,811

Support – 17,399, 17,311, 174,149

  • Given the uptick in the European stocks and US index futures , Dow index could open on a positive note around 17,480-17,500 levels.
  • As long as resistance at 17,539 (23.6% of Feb low-Apr high) – 17,547 (daily 50-SMA) isn’t breached, the bears are likely to remain control.
  • On the downside, a major support at 17,399 (Mar 24 low) could be put to test if prices fail to sustain early gains.
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