Dow Jones Technical Analysis: Index Consolidates its Gains

[ad_1]

We expect more rise for the index during its upcoming trading.

The Dow Jones Industrial Average rose during its recent trading at the intraday levels, to achieve gains for the second day in a row, by 0.40%, to gain about 137.55 points. It settled at the end of trading at the level of 34,721.13, after rising by 0.25% in trading on Thursday, during the week. Last week, the index declined for the second week in a row, by -0.28%.

Advertisement

Current volatility is making great stock trading opportunities – don’t miss out!

18 of the 30 index components rose while Walt Disney Co. went without change and may top the list of the most percentage gainers. Home Depot Inc. by 2.76% and Goldman Sachs Group Inc. by 2.30%, followed by JPMorgan Chase & Co. shares. by 1.83%.

While Boeing (BA) shares rose 1.5% after the Centers for Medicare and Medicaid Services, which oversees Medicare, said late Thursday that they had completed their policies on covering the controversial Alzheimer’s drug in biotech Aduhelm and others in the future.

Later this week, the results of JPMorgan Chase & Co.’s quarterly earnings reports will appear.

Today, markets are waiting for Chicago Fed President Charles Evans to discuss his outlook for the economy, employment, inflation and interest rates at the Detroit Economic Club.

Technically, the index’s recent rise came as a result of its dependence on the important support level 34,352.96, which coincided with its support for its simple moving average for the previous 50 days. Its previous short-term trades, as shown in the attached chart for a (daily) period, are under the control of the main bullish trend in the medium term. In addition to that, we notice the beginning of a positive crossover on the RSIs, after they reached oversold areas. This is compared to the movement of the cursor, which suggests that a positive divergence is beginning to be formed.

That is why we expect more rise for the index during its upcoming trading, as long as support remains at 34,352.96, to target the first resistance levels at 35,631.00.

Dow Jones Industrial Average

[ad_2]

Leave a Reply

Your email address will not be published. Required fields are marked *

Risk warning: Trading in Contracts for Difference (‘CFDs’) carries a high level of risk and can result in the loss of all your investment. As such, CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever. For more information about the risks associated with trading CFDs please find and read our ‘Product Disclosure’.


Please recognize that this website is the only official website, please do not enter other clone websites through Internet search or advertisements.


© 2011 - 2024 mgtinvesting.com. All Rights Reserved.

en_USEnglish