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Fundamental analysis

Wall Street Decline Continues

OctaFx | Nov. 20, 2018
Wall Street Decline Continues

 The Wall Street decline continued yesterday as global concerns rise. What can traders expect next?

November 20, OctaFX The biggest decline was in the technology sector, which dropped by 3.79% and was led by chip stocks like NVIDIA and AMD.

Other big losers were companies like Apple, which has been cutting orders for the latest iPhones. The only bright spots were in the utilities and real estate industries.

This decline will lead to contagion around the world today with the DAX and STOXX set to fall by 60 and 40 points respectively.

Nasdaq Index Continues to Decline

The Nasdaq index continued to decline led by Apple and chip stocks. In recent weeks, Apple’s market capitalization has dropped by more than $200 billion. The Nasdaq’s RSI is currently at 27 on the hourly chart below.

The current price is below the 200 and 50-day EMA. The momentum indicator has also fallen sharply as shown below. There is a likelihood that it will get worse for the index before it gets better. The index will likely test the previous low of $6575 before starting to move up.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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.