Dow rebounds after the worst day in over three decades
The Dow Jones rebounds on Friday after suffering heavy losses previous day (11% down) in its worst day in over three decades.
Rise of European stocks boosted the Wall Street on Friday, along with improved sentiment on rising expectations for further fiscal easing, in attempts to prevent global recession over corona virus pandemic.
Today’s recovery looks so far minor in comparison to larger fall (from new record high at 29582 to today’s low at 20460), however, today’s close in green would generate initial positive signal, which will require further verification on break above pivotal barriers at 22572 (Fibo 23.6% of 29582/20460) and 23912 (Fibo 38.2%).
The index is on track for weekly fall of nearly 14% that weigh heavily, but headlines regarding central banks’ actions and impact of corona virus pandemic are expected to define near term direction of the index.
Res: 22572; 23324; 23750; 23912
Sup: 20846; 20406; 20367; 20000