Thursday, July 12, 2018

Dow Jones -12 July 2018

  • Dollar
  • Stocks


U.S. stocks closed in red after four consecutive positive days. The index fell after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the U.S. and its major trading partners, which some investors fear could morph into a full-on trade war. Dow Jones dropped 219 points, back to the 24700 where a break under this level could be a bearish sign however it can pull back from this level targeting the 25000.

Technical Analysis

From a technical point, The Dow Jones Index is building a triangle chart pattern. More upside is likely once price breaks above the triangle pattern. A bullish breakout above the resistance trend line 25200 would confirm a potential uptrend continuation. A break below the support 24250 however would indicate a bearish reversal or extended correction. Volatility remains a concern and the index has been very choppy recently.

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