Dow Jones Technical Analysis: Index Is Back On The Rise| MENAFN.COM

Tuesday, 06 December 2022 05:55 GMT

Dow Jones Technical Analysis: Index Is Back On The Rise


(MENAFN- Daily Forex) The dow jones industrial average returned to rise during its recent trading at the intraday levels, to achieve gains in its last sessions, by 1.18%. It gained about 397.82 points, to settle at the end of trading at the level of 34,098.11. This happened after falling slightly during Monday's trading by -0.13%.

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Investors are closely watching the minutes from the federal reserve's latest meeting minutes due later on Wednesday. This may provide more clues about the extent and speed of interest rate hikes during the upcoming Fed meetings.

Meanwhile, Kansas City Fed President Esther George said on Tuesday that the Fed may need to raise interest rates higher and keep them there longer in order to rein in consumer demand and lower high inflation.

Investors will be watching comments from St. Louis Fed President James Bullard ahead of the release of the November Fed minutes.

Meanwhile, analysts are expecting thin trading volumes this week. Markets will be closed Thursday for the Thanksgiving holiday and will remain open for half of the session on Friday.Dow Jones Technical Analysis

  • Technically, the index is preparing for its recent rise by attacking the important 34,281.35 resistance level , amid being affected by the breach of a bearish corrective slope line earlier in the short term.
  • This is shown in the attached chart for a (daily) period, supported by its continuous trading above its simple moving average for the previous 50 days, in addition to Positive signals are received by the relative strength indicators.

Therefore, our expectations indicate more ascent for the index during its upcoming trading, especially in the event that it breaches the aforementioned 34,281.35 resistance, and then targets the 35,372.25 resistance level.

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