The Dow Jones index ended in the red on Wednesday. This 22 February Dow Jones Technical Analysis will show us how the index is currently trading.
22 February, ADS Securities – Yesterday, the Dow Jones index ended in the red for the second consecutive session, as most of the index constituents posted losses to their share prices. Moreover, shares of Walmart Inc., Verizon Communications Inc. and Home Depot Inc. emerged as the top index laggards.
22 February Dow Jones Technical Analysis
At present, the index is trading below its short-term and long-term EMAs on the 1H chart, indicating at a bearish technical picture. In addition, a likely centreline crossover by the MACD indicator to enter its negative territory further endorses the above stance. Key technical support is seen at the 24725 level, followed by the 24675 and 24600 levels.
A move back below the latter might lead to further bearish pressure on the index. On the other hand, intraday resistance is placed at the 24855 level, followed by the 24915 and 24970 where EMA 55 is trading.
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