Dow Jones index is Bearish below 24785 as it traded in the green in the last session. What factors contributed to this? Learn this on the 23 February Dow Jones Technical Analysis.
23 February, ADS Securities – The Dow Jones index traded in the green in the last session, supported by gains in energy and technology sector stocks. Moreover, shares of United Technologies jumped after the company announced its plan of breaking up its business portfolio into three separate companies.
23 February Dow Jones Technical Analysis
As of now, the index is trading in a downward trending channel on the 1H chart, hinting at a bearish technical scenario. In addition, the MACD indicator is treading water just below its centreline, further elaborating the above stance. Immediate support is seen at the 24900 level, followed by the 24845 and 24785 levels.
A move back below the latter might lead to negativity in the index. On the flipside, key intraday resistance is placed at the 25010 level, followed by the 25165 and 25200 levels. A surge above the latter might trigger further bullish momentum in the index.
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