fbAnalisi Tecnica DJI | Weak US economic reports bearish for DJI | IFCM Italy

Analisi Tecnica DJI : 2020-09-23

Recommendation Dow Jones:

Sell
Forte Di VendereSellNEUTRALBuyForte Acquistare

Sotto 26709.3

Sell Stop

Sopra 28358.9

Stop Loss

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Senior Analytical Expert
Articoli 1591
IndicatorVALUESignal
RSI Sell
MACD Sell
Donchian Channel NEUTRAL
MA(200) Buy
Fractals Sell
Parabolic SAR Sell

Chart Analysis

IFC Markets Tech Analysis

On the daily timeframe the DJI: Daily is retreating toward the 200-day moving average MA(200) which has leveled off. We believe the bearish momentum will continue after the price breaches below the lower boundary of Donchian channel at 26709.3. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 28358.9. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (28358.9) without reaching the order (26709.3), we recommend cancelling the order: the market has undergone internal changes which were not taken into account

Analisi Fondamentale

US economic activity slows. Will the DJI retreat continue?

US economic data in the last week were weak. Government debt soared in the second quarter, current account deficit widened in Q2, economic activity slowed in August, however consumer sentiment improved in September. Thus the US federal government debt soared 58.9% to $22.58 trillion in the second quarter, after 11.4% gain in the first quarter. US current account deficit widened to $170 billion from $111.5 billion in the first quarter. The Chicago Fed’s national activity index, which reflects overall US economic activity, fell to 0.79 in August from 2.54 in the prior month. On the positive side the University of Michigan’s preliminary reading of its consumer sentiment index in September rose to 78.9 from 74.1 in August. And the lawmakers cannot agree on the scope and size of additional aid program for the economy as Federal Reserve’s chairman Powell told it’s up to Congress to provide aid to some troubled companies. Weak economic data are bearish for DJI.

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