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      DJIA: Bullish Divergence Indicates Slowdown in Selling Pressure, Buying on Dips Recommended

      Global Stock MarketsBanking Crisis in Europe and AmericaInflation and RecessionCentral Bank Policy TrendsThe Fed
      Summary:

      U.S. stocks opened lower on Thursday and reversed their losses into higher territory midway through the session. Potential deals include a large capital infusion to shore up the troubled banking sector. Wall Street's strength may also reflect buying on dips after recent weakness, which reflects concerns about turmoil in the financial sector.

      Buy DJIA
      End Time
      CLOSED

      31853.80

      ENTRY PRICE

      32605.00

      TGT PRICE

      31045.00

      SL PRICE

      32482.79 +50.71 +0.16%

      31501

      Points

      Profit

      31045.00

      SL PRICE

      32168.81

      CLOSING

      31853.80

      ENTRY PRICE

      32605.00

      TGT PRICE

      Fundamentals

      U.S. stocks recovered from early weakness Thursday and moved sharply higher during the session. All major stock indices showed strong gains on the day, with technology stocks leading the way.
      The Nasdaq rose 283.22 points, or 2.5%, to 11717.28, closing higher for the fourth consecutive session, while the S&P 500 rose 68.35 points, or 1.8%, to 3960.28 and the DJIA gained 371.98 points, or 1.2%, to 32246.55.
      Stocks rose after the Wall Street Journal reported that JPMorgan Chase, Morgan Stanley, and several other big banks are in discussions with First Republic Bank about a potential deal. The potential deal could include a large capital infusion to shore up the troubled bank and also include the possibility of various forms of financing.
      Meanwhile, Credit Suisse borrowed up to $54 billion from the Swiss National Bank to boost liquidity. The move restored investor confidence in the sector, pushing Credit Suisse shares and European bank stocks higher.
      This seems to have temporarily curbed investors' fears of a similar banking crisis in Europe in the short term and prevented a deeper sell-off in the sector. Nevertheless, it may not be the end of this crisis, nor the beginning of the end, it is precisely the end of just the beginning. It has the potential to become a slow burner, with no idea when another close call will occur.
      Last week's bankruptcy of Silicon Valley Bank kicked off this wave of European and U.S. banking crisis. European and U.S. stock markets fell continuously, and panic soared, with safe-haven assets such as precious metals rising sharply in price. Compared with the risk events that have emerged, the market is more worried about the risk points lurking behind. Affected by the continuous interest rate hikes in Europe and the U.S., the inversion of long and short-term asset returns may further exacerbate the release of risk in the vulnerable segments of the financial sector in Europe and the U.S.
      Given the recent banking crisis, the market has very different views on whether the Fed will continue to raise interest rates. As inflation remains high, the Fed will continue to focus on fighting inflation and raising interest rates. While the current financial system is significantly stronger than in 2008, policymakers and regulators have limited monetary and fiscal tools available to respond to the current crisis, especially with a divided administration and Congress.
      DJIA: Bullish Divergence Indicates Slowdown in Selling Pressure, Buying on Dips Recommended_1

      Technical Analysis

      Despite the DJIA receiving support and continuing to rise for two consecutive trading days after touching the level of 31,446 on Tuesday, it remains below the uptrend line and the 50, 89, 100, and 200-day SMAs for several months, indicating that although there are signs of a bottoming out, the stock market has not yet shaken off its recent weakness. The RSI also supports further downside while remaining outside oversold territory; bears may be looking to a break below the year-to-date low of 31,446 to extend the bearish trend further. Investors will continue to monitor the official decision to respond to the current situation and if panic increases, then investors may extend bearish expectations to target last year's low (28,695).
      On the bright side, however, the short-term bullish divergence (RSI) suggests that the selling momentum has been eased. The index briefly broke below Monday's support at 31,645 before quickly returning to the top of the oscillating range, easing the selling pressure. An intraday breakout above the top of the range and an effective stand above the range would substantially ease the recent selling pressure. However, before this point, prices are expected to continue to oscillate within the range and are expected to turn upward in the short term as long as they are not making new lows. It is recommended to buy the dips.  

      Trading Recommendations

      Trading Direction: Long
      Entry Price: 31700
      Target Price: 32605
      Stop Loss: 31045
      Valid Until: 2022-03-31 23:55:00
      Support: 31628, 31446, 31290
      Resistance: 32246, 32415, 32504
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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      Eva Chen

      Analyst

      Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.

      Rank

      4

      Articles

      540

      Win Rate

      65.74%

      P/L Ratio

      0.58

      Focus on

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