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US stocks extend gains helped by oil recovery

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US indexes closed the day sharply higher for third day in a row, led by the recovery in oil prices which boosted the energy sector.

    The Dow Jones Industrial Average gained 185.34 points, or 1.06%, to 17,602.61. The S&P 500 rose 25.32 points, or 1.24%, to 2,064.29. The Nasdaq Composite advanced 44.82 points, or 0.90%, at 5,045.93.

    The US stock market will close early on Thursday and remain closed on Friday for Christmas Day, which means little is to be expected for the next session, as volume will likely remain low.

    DJIA technical perspective

    “Technically speaking the Dow has managed to recover above the 61.8% retracement of its latest daily decline at 17,531, while it's now above a still bearish 20 SMA and the technical indicators head higher, but around their mid-lines, overall, lacking the momentum needed to confirm further advances”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are partially losing their upward momentum near overbought levels, while the index is well above a now bullish 20 SMA, all of which should keep the downside limited”.

    Support levels: 17,531 17,496 17,445. Resistance levels: 17,602 17,664 17,710.
    For more information, read our latest forex news.
     

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