Dow Jones 30 Analysis, April 20
Hi traders, DJIA opened the day lower, together with other major global indices after a strong sell-off in the stock market. The only index that traded higher today was the Hang Seng, but it also gave back some gains ahead of the closing bell in Asia.
Now, DJIA is trading near a well-defined channel support and the 61.8% Fib level, which could provide some support for the index.
Falling US yields are also making bonds less attractive when compared to stocks, and the Fed's stance to keep rates "lower for longer" could see some buyers joining the stock market again.
A fall below the 33,900 level could see further downside potential, while an acceptance of that level would attract buyers and possibly see a retest of recent highs - given that positive risk sentiment persists in the market.
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Now, DJIA is trading near a well-defined channel support and the 61.8% Fib level, which could provide some support for the index.
Falling US yields are also making bonds less attractive when compared to stocks, and the Fed's stance to keep rates "lower for longer" could see some buyers joining the stock market again.
A fall below the 33,900 level could see further downside potential, while an acceptance of that level would attract buyers and possibly see a retest of recent highs - given that positive risk sentiment persists in the market.
Please hit the "LIKE" button and follow if you find any value in our posts. Thanks!
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