US Stock Market Technical Analysis | June 24, 2022

Stock futures nudge higher looking to end the bearish streak

DJIA futures are currently higher by 130 points which indicates a bullish continuation. Yesterday, the DJIA index managed to close higher 194.23 points after trading under bearish pressure for the most part of the trading day. Despite the bullish situation, traders will stay cautious as the bullish situation might turn bearish immediately.

Traders will observe more data releases to get confirmation of whether the U.S economy will enter recession or not.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index is moving near the resistance zone, there is a small room for upward movement. We still think the index will continue the bearish movement and target a new lower low on the chart. Traders might want to stay cautious and avoid major long positions in the stock market until a new higher high and higher low is printed on the chart.

Devon Energy  Corp (DVN)

DVN share prices are on the bearish track, moving lower with strong bearish momentum. There is no major bullish reaction yet and the share prices soon will reach the daily SMA 200. Traders will observe the share price reaction near the averages. If a bounce reaction happens then traders could enter speculative long positions with the level around $60.00 and daily SMA 100 as an upward target.

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