The Dow Jones index continues to be traded near the support level of 24307.0. After its breakdown, the next target will be 23828.1.
The market is pressured by fears that the leaders of the United States and China will not be able to resolve the trade conflict within the framework of the G20 summit. The United States urged its trading partners not to use equipment manufactured by Chinese company Huawei, not only for economic purposes but also considering the cybersecurity.
On the other hand, the market can be supported by Christmas rally and Black Friday sales. Investors will focus on important sales data from the National Retail Federation, which will be published next week. Strong data will indicate a further strengthening of the American economy. Special attention will be paid to e-commerce, in particular, to the indicators of Amazon, one of the largest online stores.
Today, data on Manufacturing PMI and statistics on the new oil drilling rigs will be published in the United States.
Support and resistance
Stochastic is at 758 points and does not provide a signal for the opening of positions.
Resistance levels: 24528.0, 24604.4.
Support levels: 24307.0, 23828.1.
Short positions may be opened after a breakout of the support level of 24307.0 with the take profit at 23828.1 and stop loss at 24528.0.
DJIA index of the American stock exchange
|Support levels||23828.1, 24307.0, 24528.0, 24604.4|
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