Rising yields have put more pressure on stocks, with indices hitting fresh multi-month lows.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Losses accelerated on Wednesday, taking the index to its lowest level since early June. A move towards the lower bound of the channel appears likely, which would see the index head down to 14,250. A breakout to the downside then targets the 200-day SMA.
Wednesday’s drop negated the possible bullish view from earlier in the week, and it would take a rally back above 14,500 to indicate that a new attempt to halt the selling is underway.An attempt to continue the gains of Monday and Tuesday was beaten back on Wednesday, with the index dropping back to the 200-day SMA. Additional declines now target the low from Tuesday at 33,500, and then below this the September low at 33,270 comes into view.
The index resumed its fall on Wednesday, dropping to its lowest level in almost five months.The February highs around 4165 now seem to beckon as a downside target, followed up by the early March high at 4079.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.
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