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DOW higher after optimism over a potential coronavirus vaccine – DOW JONES: Technical Analysis – 26/05/2020

SquaredFinancial

The Dow Jones futures traded higher on Monday, encouraged by economies reopening and new developments towards a coronavirus vaccine, while concerns over US-China tensions took a back seat. Today investors will continue monitoring coronavirus-related developments and keep an eye out for US-China tensions which may impact markets. On the data front, the US releases consumer confidence for the month of May which may provide direction during the day. From a tech perspective, the Dow index pushed out of its month-long consolidation this morning, with a move above 24900 to provide a bullish breakout signal. A sustained move above the 25000 level targets the higher levels at 25140 and 25400 near the 100-day Moving Average. On the other hand, a move below 24730 would impair the bullish view at a play.

Support: 24900 / 24730
Resistance: 25140 / 25200

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-higher-after-optimism-over-a-potential-coronavirus-vaccine-dow-jones-technical-analysis-26-05-2020
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