The Dow Jones Industrial Average dropped 6.43 points to 20,951.47 on Thursday trading session. Here, is the 5 May Dow Jones Technical Analysis for intraday trading. Is the Dow Jones bullish or bearish for today?
05 May, AtoZForex – As you see in the chart below, the Dow Jones Industrial Average fell 6.43 points to 20,951.47 on Thursday trading session. Also, the S&P 500 and NASDAQ index struggled to move upside. Stocks closed mostly lower on Wall Street as media, health care, and some technology stocks dropped.
5 May Dow Jones Technical Analysis
The Dow Jones charts, technically the intraday charts for today is signaling the bearish signals for Dow Jones. The SMA20 (20738.30) line is below the SMA50 (20779.31) line which means the Dow Jones Index will move up today. Moreover, the STOCH (9,6), STOCKRSI(14) and Williams %R is displaying that the Dow Jones becomes overbought. Hence, the investors should wait till the trend changes.
Furthermore, the RSI over a period 14 is also signaling a buy and the MACD( 12,26,9) is showing the buy signal with the value of 66.100 for today. Hence, I think the market will continue to stay bullish for today and It will form a new level today as the index is trading in a range bound zone since last week.
Today, the investors should keep an eye on United Health Group Inc, 3M Co, Coca-Cola Co, Wal-Mart Stores Inc, Visa Inc and JPMorgan Chase & Co.
Dow Jones Pivot Points
The Dow Jones Industrial Average closed below its first resistance point. There is a possibility that the Dow Jones will rise 15o+ point today is it touch its first resistance level. But if the level of 20,890 will break then the Dow Jones will fall another 150 points. The traders should wait until 21,000 level today.
Think we missed something? Let us know in the comments section below.