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Wall Street Wednesday Technical Trade Note – 13 March 2019

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Barry Dumas
Wall-Street-Wednesday

Boeing is waning heavily on the Wall Street 30 Index as the aerospace company lost another 6% which accounts for its biggest two day drop in a decade.

  • Boeing’s share price has been dropping since the Ethiopian Airlines crash earlier the week which accounts for the second fatal crash. The list of countries grounding the Boeing 737 for further investigations are mounting.

Economic data that might affect the price action today:

  • Core Durable Goods Orders at 14:30 SAST.
  • Crude Oil inventories at 16:30 SAST.
  • U.K Parliament vote on leaving the EU with No Brexit deal – Tentative for 20:00 SAST.

Let's have a look at the technical charts for the Wall Street 30:

Wall Street 30

Looking back at the previous Wall Street Wednesday Note we can see the price action moved lower to the lower target price of 25199. The Dow’s 200-day Simple Moving Average (SMA) (redline) acted as support after a dismal Jobs number last week.

The price action on the Daily Chart of the Wall Street 30 Index might still be under pressure and might move lower once more to the 25199 level. A move higher might be on the cards if the Boeing issue gets resolved and some positive news from other fundamental factors like the Trade Negotiations filter through to the market.

  • Take note that the outlook and levels might change as this outlook is released before the current days U.S Market open.

16 March CH1

Source – MetaTrader5 

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