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US stocks end lower pressured by energy sector

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US stocks struggled all of this Wednesday to stay in the green, but finally closed in negative territory amid a strong decline in oil prices sending energy shares sharply lower by the end of the day.

    The Dow Jones Industrial Average fell 56.99 points, or 0.32%, to 17,702.22. The S&P 500 lost 6.72 points, or 0.32%, to 2,075.00. The Nasdaq Composite dropped 16.22 points, or 0.32%, to 5,067.02.

    DJIA technical perspective

    “The technical picture for the Dow shows that the bearish potential continues increasing, but is not yet confirmed, as the index is a few points above a still bullish 20 SMA, around 17,652, now the immediate support, whilst the Momentum indicator has turned flat right above its 100 level, and the RSI indicator heads lower around 59”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is now below a mild bearish 20 SMA, while the technical indicators hold below their mid-lines, but diverging from each other, reflecting the lack of directional momentum. Nevertheless, and given that the index closed around its daily low, the downside is favored, with additional declines below 17,652 opening doors for a deeper decline into the weekend”.

    Support levels: 17,652 17,544 17,482. Resistance levels: 17,770 17,862 17,979.
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