Tuesday, September 25, 2018

DOWJONES - 26 September 2018


Fundamental Highlights

Trump took his chances yesterday during the UN gathering and said that “OPEC and OPEC nations are as usual ripping off the rest of the world, and I don't like it. Nobody should like it”. "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices. Not good." The rant is no surprise especially after last Saturday's OPEC meeting that revealed resistance among member nations in ramping up supply despite complaints from Trump. The audience also seemed disappointed as Trump said that “We reject the ideology of globalism and we embrace the doctrine of patriotism." All eyes are on a critical FOMC meeting during Wednesday's session where a rate hike is a near certainty.

Technical Analysis

The Dow continued to see a downward move during yesterday's session. This downward movement may continue during Wednesday's session where the index may move in the direction of the 26446 support Level. The Dow seems to be a good sell during today's session.

Support: 26446 26263
Resistance: 26668 26783

Chart (H1)