Wall Street Double Top heading Towards 14000 – Technical Analysis

wall street

Financial markets turn negative after possible confrontation over Syria’s conflict.

Technical Points

  • Technical indicators have turned bearish and signalling an opportunity to go short.
  • Wall Street double top pattern could be confirmed in the coming days if the index reaches the 14600 level.
  • If Wall Street price breaks below the 14600 level traders would target the 14400 – 14000 level; where the next 38% and 50% retracement level are located respectively.

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Fundamental Points

  • News of a possible confrontation between USA and Russia over the Syrian conflict has put the financial markets across the world in high alert.
  • The unusual hostility has reinforced the new Wall Street double top and downtrend.
  • Bearish market sentiment.
  • Consumer confidence reading did little to improve the mood in Wall Street.
  • There will probably be little that could help Wall Street fears the in the coming days.
  • No until the current situation turn to favours the financial markets.
  • GDP on Thursday is expected higher which could send a mix signal.
  • Jobless claim due on Thursday is expected to show improvements.

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