DJ 30 REBOUNDS-TECH STOCKS & HOME SALES DATA SUPPORTIVE

DJ 30 futures are currently trading at 24560- higher by about 0.58% as compared to the previous close. The index futures turned positive today after continuously closing in negative territory in the last three trading sessions.

In the cash markets, The DJIA rose 102 points at the time of writing, led by gains in Boeing. On Tuesday the index fell about 552 points. Shares opened higher today as major technology shares rebounded from steep losses earlier this week.

Other top gainers in the Dow Jones include Caterpillar (up 2.8%), Chevron (up 1.31%), DowDuPont (up 2.16%) and ExxonMobil (up 0.86%) at the time of writing.

New data on orders for American-manufactured goods were released before the opening bell Wednesday, showing the largest decline in durable orders in 15 months. Core Durable Goods Orders (MoM) change for Oct. released earlier came in at 0.1%. Orders growth was below the market expectations of 0.4% with a 0.1% growth registered in the previous month. In addition, Existing Home Sales for Oct. released earlier came in at 5.22M. Sales number were above the consensus estimates of 5.20M with Sales being 5.15M in September.

On the technical front, the RSI is currently at 36.87% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but 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 24540, Take Profit At 24740 Stop Loss At 24440

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