Thursday’s Technical Outlook for DJIA (.DJI)
Wednesday, US stocks rallied on the back of Crude Oil’s strength, with the DJIA adding 145 pts to close at 17,851.51. The NAS Comp advanced 33 pts to end at 4,894.89, and the S&P added 0.70% to 2,090.54.
Risk appetite on dominated markets from the start of the session, accelerating in European trading hours as Crude Oil prices surged to fresh yearly highs.
Among the worst performers was Alibaba (NYSE:BABA), which dove 7% after disclosing that the US Securities and Exchange Commission is investigating its accounting practices.
Technical readings in the daily support additional gains ahead, as the technical indicators have crossed their mid-lines towards the Northside and maintain their Bullish slopes, whilst the 100-Day MA is crossing above the 200-Day MA in the 17,200 region, indicating strong buying interest.
In the near term: the 4 hours shows that the technical indicators are beginning to look exhausted towards the Northside in overbought territory, but also that the index is firmly above its MA’s, limiting chances of a strong Southward corrective move.
Support marks: 17,825 17,770 17,702
Resistance marks: 17,915 18,004 18,082
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