The Dow Jones Industrial Average saw a major low on February 8 morning, which extended the index’s losses for the third consecutive day, as the market dwells over concerns being raised by China tariffs and a slowing global economy.
The Dow Jones Industrial Average fell almost 200 points in today’s market. The stock opened at 25,042.36 and closed at 25,106.33. This surge was noted to be of 63.20 points or by 0.25% but is still falling compared to the market rally three days back.
Nike [NKE] did not let the market losses impact it after an analyst price-target hike. The stocks that noted growth were Ubiquiti Networks [UBNT] and Euronet Worldwide [EEFT]. They noted strong breakouts in the morning trade. The Dow is near its potential resistance areas, corresponding to its moving average, according to popular traders.
The Nike stock spiked as its price was raised from 90 to 100 at Oppenheimer. The new price mark is more than 21% above Thursday’s closing price. The popular brand’s stock is being traded 3% below an 86.14 cup-shaped base buy point, as per MarketSmith char analysis. The stock’s relative strength line is trading just below a new high and it has outperformed the general market.
Among Dow stocks, Apple [AAPL] was noted to be the biggest loser with a 1% decline. Shares are moving towards breaking the winning streak, which was the result of the company’s bullish earnings after the stock market close on January 29.
A Twitter user,@ThinkTankCharts tweeted:
“Dow Jones Woo Hoo indicator – Tradable markets here over 24960, Hold Long over 25,207 if it stays over that figure for an hour. Hold Short under 24960, if it stays under that number for an hour. Pivot point 25142, close 25106. So Bulls have some work to do. Rally oil?? “
Another Twitter user, @MoneyMystery, said:
“Dowjones bounced from days low of 24,883 to close at days high of 25106. Nasdaq, S&P, Dowjones Transportation Average Index bounced as well from there respective days low to close at days high.”