21 May Dow Jones Trading Analysis: Weak below 24540

Tesla’s Elon Musk has announced details about a high-performance upgrade for Tesla Inc.’s Model 3 electric cars in a series of tweets Saturday night. Meanwhile, how is the index currently trading? Analysts at ADS Securities shared their 21 May Dow Jones Trading Analysis.

21 May, ADS Securities – The Dow Jones index ended almost flat in Friday’s session, following uncertainties surrounding the ongoing trade negotiations between the US and China.

21 May Dow Jones Trading Analysis

As of now, the index is trading in a short range of 24700-24755 on the 1H chart, hinting at consolidation in the coming session. However, the MACD indicator is tranquil below its centreline, suggesting at bearish momentum in the near term. Important technical support is located at the 24670 level, followed by the 24625 and 24540 levels.

A move back below the latter might lead to negativity in the index. On the other hand, key technical barrier is positioned at the 24765 level, followed by the 24810 and 24870 levels. A break and stability above the latter might generate positive momentum in the index.

DS Securities Risk Disclaimer

This article was provided by analysts of ADS Securities.

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