FxWirePro: Long DJIA targeting 29400 area

The latest upside in American blue-chip index Dow Jones Industrial Average (DJIA) seems to be much stronger, which could push the index to a new record high.

Our calculations at FxWirePro suggests that the Dow likely to rise by another 10 percent even as it is up by 8 percent from the bottom of 24600 area since May.

We expect the strong U.S. economy and with Federal Reserve cutting rates, the Down Jones is very likely to reach our anticipated target. Moreover, a deal or outline to further negotiations coming out of the much anticipated Trump-Xi meeting this weekend would be a major boost for the index.

Trade idea:

Buy DJIA targeting 29250, with a stop loss around 24700 area.