Tuesday, August 7, 2018

Dow Jones - 07 August 2018

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Fundamental Highlights

U.S. stocks closed mostly higher, as healthy corporate earnings have so far helped sustain the market over the recent sessions. Nevertheless, trade-related worries lingered as the U.S. continues to clash with its global counterparts over tariffs. The trading action came on the back of worries about global trade tensions' persistence, after U.S. President Donald Trump’s tweet over the weekend that American tariffs are “working far better than anyone ever anticipated.” China has responded with a threat to place tariffs on $60 billion of American goods if the White House goes ahead with its plans.

Technical Analysis

The Dow closed with a gain of 40 points. It reached yesterdays support and crossed it slightly before regaining power and moving towards yesterday's resistance of 25462. This created a new support level of 25355.5. Today the Dow seems to be directing towards the resistance of 25538. If it breaks that resistance it might aim towards the higher resistance of 25680. However, the possibility of it switching its route back towards the support of 25355.5 after reaching the 25538.0 resistance is higher so we will focus on the downside.

Support: 25355.5 25124.0
Resistance: 25538.0 25680.0

Chart (H1)
dow

 
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