The Dow Jones Index fell about 1% from its session highs on Wednesday as new Fed chairman Jerome Powell sounded a bit more hawkish than many investors expected during his first press conference. Analysts at ADS Securities shared how the index trades currently in this 22 March Dow Jones Technical Analysis.
22 March, ADS Securities – The Dow Jones index declined in yesterday’s session, after the US Federal Reserve (Fed) Chairman, Jerome Powell, stated that trade policy has turned into a growing concern for few policymakers.
22 March Dow Jones Technical Analysis
As of now, the index is trading with a weak bias on the 1H chart, reflecting at a bearish momentum in the near term. Also, the MACD indicator is likely to cross the signal line from above, further affirming the above view. Meanwhile, traders would eye the earnings report from Nike Inc., due later in the day.
Immediate support is aligned at the 24620 level, followed by the 24585 and 24530 levels. If the latter fails to hold, it might generate increased selling pressure in the index. On the contrary, key resistance is located at the 24715 level, followed by the 24770 and 24840 levels.
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This article was provided by analysts of ADS Securities.
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