Dow is consolidating within narrow range and low-volume trading on Friday, following sell-off on Thursday, triggered by arrest of Huawei CFO.
The fall found footstep just ticks above previous low at 24246 (23 Nov) ahead of strong rebound, which eased downside pressure.
Thursday’s Hammer could be a signal of stronger recovery, but scenario so far lacks further signals which could be generated on lift above a cluster of MA’s at 25021/25156 zone (20/200/10/30SMA), also 50% of 26087/24255 bear-leg and keeps the downside vulnerable.
Bearish daily techs add to negative outlook, but potential attempts lower need clear break below lows of short-term range at 24246/24085 to end 1 ½ month long range-trading and signal extension of pullback from new all-time high at 26962 (03 Oct).
Markets await fresh signals from US NFP data today (200K f/c vs 250K prev / AHE 0.3% f/c vs 0.2% prev) which could confirm the strength of US labor sector, that Fed chief Powell highlighted in his speech on Thursday.
Res: 25021, 25156, 25387, 25491
Sup: 24703, 24255, 24246, 24085
Written by Admin
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