US Stock Market Technical Analysis | November 18, 2021

U.S stock set to rebound after Wednesday bearish close

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The DJIA index was close 211 points lower on Wednesday’s trading session. It is dragged lower by Visa which tumbled after Amazon announced that they will stop using visa credit card payments in the UK next year. Despite the bearish pressure, most companies in the DJIA index closed higher yesterday.

Traders will focus on the unemployment claims data and covid resurgence in Europe which cause lockdown.

Technical Analysis

Dow Jones Industrial Average (INDU)

A bearish close was printed in the DJIA index yesterday. It seems the index might start a bearish correction to target the horizontal line and the daily SMA 50 & 100. However, the index futures are currently higher by 50 points and might attempt to reverse the bearish pressure. Nevertheless, traders will wait for a bearish correction to add long positions near support levels.

First Solar Inc (FSLR)

FSLR share prices are in a bullish trend and the share prices are currently undergoing a bearish correction. The bearish correction has brought the price down toward the daily SMA 50. On the lower side, there is a bullish trendline to watch. If the bearish pressure recedes then traders could start entering long positions near the daily SMA 50 and the trendline.

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