The Dow Jones Index continues to benefit from fresh risk appetite as traders feel more comfortable on easing fears after collapse of two US banks.
The price rose to three-week high in European trading on Thursday, in extension of 0.85% advance on Wednesday, marking 50% retracement of larger 34547/31529 fall.
Near-term action is underpinned by 10/200DMA golden cross and formation of 10/20DMA bull-cross and rising bullish momentum on daily chart.
Fresh advance needs close above cracked pivots at 32991/33038 (former top of Mar 22 / 50% retracement) to boost bullish signals and keep focus at 33289/33394 targets (55DMA / Fibo 61.8% of 34547/31529).
Investors await release of US PCE data on Friday, for more evidence on inflation, which will return to Fed’s focus after immediate threats from the recent bank turmoil eased.
Res: 32990; 33290; 33394; 33475
Sup: 32991; 32860; 32757; 32572
