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US stocks end lower as oil plummets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Wall Street resumed its decline on Thursday after a short-lived relief rally on Wednesday, with the Dow Jones Industrial Average ending the day down 1.60% or 254 points at 15,660.18, the Nasdaq down 0.39% to 4,266.84, and the S&P down 1.23% to 1,829.08.

    Risk aversion was behind the sharp decline, led by a decline in banks’ stocks and oil, which fell to its lowest level since 2013 near $26.00 a barrel.

    DJIA technical perspective

    “The daily chart for the DJIA shows that the index retains the strong negative tone seen on previous updates, as the technical indicators head sharply lower below their mid-lines, whilst the index extended further below its 20 SMA, which slowly turns lower in the 16,100 region”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the 20 SMA has extended further below the 100 SMA, both well above the current level, whilst the technical indicators have managed to recover from near oversold levels, but remain deep into negative territory, far from suggesting a stronger recovery for this Friday”.

    Support levels: 15,593 15,497 15,410. Resistance levels: 15,735 15,809 15,892.
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