US stocks extend gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    US indexes advanced strongly this Tuesday, with the DJIA adding 164 points to close at 17,721.25, the S&P up by 0.97% to end at 2,061.72 and the Nasdaq advancing 0.80% to 4,872.09.

    Oil rally to fresh year-to-date highs helped worldwide equities, whilst the hawkish rhetoric from different Fed officers failed to spur concerns over a sooner rate hike in the US.

    DJIA technical view

    “The DJIA daily chart shows that the index is back above its 20 SMA, but within its latest range, while the technical indicators have posted tepid bounces from their mid-lines, not yet enough to confirm additional gains for this Wednesday,” said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, however, the upward tone is clearer, as in the 4 hours chart, the Momentum indicator maintains a strong bullish slope well above its 100 level, whilst the RSI consolidates around 59, as the index stands above its moving averages that anyway continue lacking directional strength.”

    Support levels: 17,682 17,545 17,479. Resistance levels: 17,739 17,796 17,865.
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