FxWirePro Call Review: Dow target revised higher to 29300

Last week, in an article, named, “FxWirePro: Dow likely to reach new record high if support at 23260 holds”, available at https://www.econotimes.com/FxWirePro-Dow-likely-to-reach-new-record-high-if-support-at-23260-holds-1150515 we suggested that while we have turned bearish on European stocks as they look wobbly, that is not that case for North American stocks. Unlike the European bourses, the American benchmarks have the support of recently passed tax cuts and reforms, as well as an accelerating economy.

In that piece, we suggested that as long as the support around 23260 area holds, Dow is likely to hit a new record high and reach 27700 area. Since then, the index has moved higher and is currently trading at 25740 area (US30). In this article, we would like to extend our bull side target from 27700 to 29300, to be reached over the course of 2018. Book 40-50 percent of the profits at the now interim target of 27700 area.