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DOW JONES RISES ABOVE MA5 ON OPTIMISM OVER TRADE TALKS - Capital Street FX

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    • DOW JONES RISES ABOVE MA5 ON OPTIMISM OVER TRADE TALKS
23-Feb
00:52 IST
Index, Dow jones

Dow Jones futures are currently trading at 25991- higher by 0.61% as compared to the previous close. The contract, however, closed in the negative territory in the last trading session.In the Cash Markets, the DJIA inched up 0.56% as Intel outperformed. The benchmark also broke above 26,000 for the first time since Nov. 9 and was on pace to post its ninth consecutive weekly gain.

U.S. equities rose today as another round of trade talks between the U.S. and China wrapped up with investors increasingly more hopeful a deal will be struck.

U.S. President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He later on Friday. The meeting comes after a U.S. delegation met with Chinese President Xi Jinping last week.

Index-member Intel shares rose 2.27% today after Morgan Stanley upgraded the stock to overweight from equal weight, noting Intel could get a boost now that Bob Swan is the full-time CEO. The Philadelphia Semiconductor index gained 1.08%, led by Intel Corp. gains.

Apple Inc., Microsoft Corp and chipmakers led the rally in the tech sector. Trade-exposed industrials sector rose 0.44%, with bellwether Boeing Co up 1.19%.

Other top gainers in the Dow Jones include Pfizer (up 2.28%), Visa (up 1.20%), and Cisco Systems (up 1.38%) at the time of writing.

On the technical front, the RSI is currently at 67.32% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.

Overall Bias is positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.

 

Trade Suggestion-Limit Buy At 25960 , Take Profit At 26080  Stop Loss At 25900

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