Wall Street Tumbles as Renewed Iran Conflict Fears Trigger Oil Surge

Wall Street is suffering a significant sell-off during today’s trading session. Specifically, the major indices are falling sharply as oil prices jump on renewed Iran conflict fears. As a result, the Dow Jones Industrial Average (DJIA) is leading the losses lower. Currently, it is down 557.27 points (-1.13%) and trading at 48,942.00. Similarly, the S&P 500 has declined 30.40 points (-0.42%) to 7,199.72. Meanwhile, the tech-heavy Nasdaq is faring slightly better but still trading in the red. Specifically, it is down 49.69 points (-0.20%) at 25,064.74.

Dow Jones Industrial Average (INDU)

The Dow Jones Industrial Average (DJIA) is falling with surprisingly strong bearish momentum today. Consequently, the index has almost erased all the previous week’s gains. Because sellers have aggressively returned to the market, further downside is highly probable. Therefore, there is a strong chance of bearish continuation in the coming sessions. If the index breaks lower, the underlying Fibonacci retracement levels will become the next major target zone. Furthermore, the daily EMA 200 sits nearby as additional dynamic support to watch.

Barrick Mining Corporation (B)

Barrick Mining (B) is currently trading right near the daily EMA 200 today. Specifically, this is the exact dynamic level where the price successfully bounced previously. As a result, the stock continues to respect its established trading range between $36.50 and $44.00. However, if sellers force a clean breakdown lower, the picture quickly changes. In that bearish scenario, the share price might move inside the lower $30.00 to $36.50 range. Therefore, traders are now waiting patiently for a definitive breakout from the current range. Furthermore, they will watch the key reactions at the daily EMA 200 very closely.