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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%.
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.
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