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DOW lower as optimism over a potential coronavirus vaccine faded – DOW JONES: Technical Analysis – 20/05/2020

SquaredFinancial

The Dow finished 1.59% lower at 24206 on Tuesday as optimism over a potential coronavirus vaccine faded alongside Monday’s rally. Meanwhile, Fed Chairman Powell and US Treasury Secretary Mnuchin offered encouraging remarks on the prospect of additional stimulus measures and economic recovery. There are no major US economic releases to consider today which leaves influence to coronavirus developments and the FOMC meeting minutes. Bullish momentum stalled after price neared the 24900 resistance level which the bulls must exceed in order to advance the Dow further and end its consolidation phase. A push above 24500 would enable a potential re-test of 24900 while a pullback below 24200 near the 20-period MA targets the lower levels at 23950 and 23750.

Support: 24200 / 23950
Resistance: 24500 / 24900

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/dow-lower-as-optimism-over-a-potential-coronavirus-vaccine-faded-dow-jones-technical-analysis-20-05-2020
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