Market Cap:
$218B
BTC Dominance:
66.03%
btc:
$7,979.73
eth:
$172.15
xrp:
$0.29
Advertise
Forecasts

Dow Jones analysis: bullish momentum weakens

Dow Jones analysis: bullish momentum weakens

The Dow index, up 0.23% on Monday, reached a high of 26241 before retreating to close at 26091. What can you expect next? The following DOW Jones technical analysis reveals.

February 26, ADS Securities – Trump’s decision to postpone the date of Chinese tariffs set off a bullish reaction in the market as it signaled to ease tensions and progress over the protracted Sino-US trade war.

In economic news, CB consumer confidence and housing figures are to be released today ahead of Fed Chairman Powell’s hearing with Congress. Investors will be looking for fresh clues from economic data to Powell’s remarks on monetary policy and the US’s economic outlook to impact price action. 

Dow Jones technical analysis

The DOW Index climbed to a high of 26241 before retreating to close above the key resistance level at 26080. Price respected the overbought conditions on the RSI and has moved lower towards the 20-period MA around 26,000 as bullish momentum weakens.

While the technical outlook remains positive, trade through the 20-period MA should signal short-term weakness with immediate support found at the trend line coinciding with the 50-period MA at 25850.

Support:25950 / 25750
Resistance: 26240 / 26380

Chart (H4)

ADS Securities Risk Disclaimer

This article was provided by ADS Securities analysts.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. Hence, it may not be suitable for all investors.

All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

Tags
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

Premium Brokers

Your capital is at risk.