Global markets remain under pressure on Thursday as Asian markets turn lower from a volatile U.S session on Wednesday as U.S Fed policy makers turn more hawkish.
Oil prices are continuing higher as market participants weighed the latest developments in the Russia/ Ukraine war as Biden touches down in Brussels. The sell-off in U.S Treasuries also took a breather for a moment as President is set for a series of summit meetings with delegates on the war with another round of sanctions on Russia waiting in the wings.
The U.S Federal Reserve also became the focus of traders on Wednesday as policy makers signalled, they would act aggressively against rising inflation with a possible 50 basis point rate hike at the next policy meeting.
Here is what’s expected this week:
The Wall Street 30 Technical Analysis
The price action on the Wall Street 30 (WS30) did breakthrough key resistance levels and did reach the possible target level at 34692 as described in our previous WS30 note.
The previous resistance level at 34110, now a support level, will be an important level to watch over the coming days and could be tested. The support level needs to hold to support the bull effort in achieving higher price targets on the WS30 Index.
Current State / Chart Source: Wall Street 4H Timeframe - GT247 MT5 Trading Platform
Take note: The outlook and levels might change as this outlook is released during the current days (Thursday the 24th of March 2022) U.S Market open.
Sources – MetaTrader5, Reuters, Stella Qiu and Kevin Buckland.
Barry Dumas | Market Analyst at GT247.com
Barry has 12 years of experience in the financial markets. He enjoys educating clients on trading / investing and providing punchy technical analysis on securities. He currently holds a Wealth Management qualification and is studying towards becoming a Chartered Market Technician® (CMT) designation holder.
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