FXStreet (Córdoba) – US stocks fell this Wednesday, with the Dow Jones Industrial Average accelerating its decline ahead of the closing bell, down by 117 points to end the day at 17,603.87, or 0.66%. The Nasdaq and the S&P also edged lower, down by 0.82% and 0.72% respectively.
American equities were weighed by a strong decline in commodities, led by oil prices’ fall following a surprise increase in US oil stockpiles.
DJIA technical view
“The technical outlook for the DJIA, however, is still far from clearly bearish, given that in the daily chart, the index remains above its moving averages, with the 20 SMA at 17,487 and the first relevant support for a bearish breakout, whilst the technical indicators have turned slightly lower, but are still well above their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is struggling to hold above the 17,600 level, and about to break below a bullish 20 SMA, while the Momentum remains flat above its 100 level, but the RSI indicator already turned sharply lower and aims to cross its mid-line towards the downside, anticipating some further declines towards 17,536, a major Fibonacci support, for the last day of the year”.
Support levels: 17,536 17,487 17,427. Resistance levels: 17,642 17,689 17,721.
(Market News Provided by FXstreet)