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DOW gains will likely be short-lived, amid US-China escalating tensions – DOW JONES: Technical Analysis – 25/05/2020


The Dow closed 9 points lower at 24465 on a Friday as the index remained held back by US-China tensions. China took steps to impose national security law on Hong-Kong, a move which provoked condemnation from the US. Today, the US stock market is closed in observance of Memorial Day which may result in light trading volume and a lack of impetus. Traders will monitor coronavirus developments and US-China headlines to influence market sentiment. From a technical short-term view, the Dow is faintly positive as it remains above the support at 24150, however has yet to break above the resistance at 24900 to advance further. A break below the 24150 level would signal weakness and drive the index to the lower end of its wide range while a move above 24730 would re-test the 24900 level.

Support: 24100 / 23950
Resistance: 24730 / 24900

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-gains-will-likely-be-short-lived-amid-us-china-escalating-tensions-dow-jones-technical-analysis-25-05-2020
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