The Dow Jones Industrial Average continues the corrective rise during its recent trading at the intraday levels, very slightly. The index achieved gains in a session characterized by volatility by 1.12%, to gain about 346.87 points, settling at the end of trading at the level of 31,384.69 last Thursday, after its decline during trading on Tuesday by -0.42%. However, the value of the index decreased on Friday by a very slight percentage, as the Dow Jones Industrial Average (DJIA) dropped to achieve losses by 0.15%, equivalent to 46.40 points, to settle at the end of trading at the level of 31,338.16.
Members of the Federal Reserve's Monetary Policy Committee decided at its meeting last month that a further 50 or 75 basis points hike in the policy rate was "likely appropriate" in July, as it struggles to rein in inflation.
At its June meeting, the Federal Open Market Committee raised the federal funds rate by 75 basis points, its largest increase in nearly 30 years, in response to levels of inflation not seen in nearly four decades. The central bank has raised interest rates in each of the past three meetings, with further hikes likely in the upcoming meetings.
On the other hand, by looking at the technical analysis of the Dow Jones Industrial Average, we find that it has come close to reaching the historical support point, which had reached its peak in the history of last January of the year 2020, at the level of 29,504.85 points, as it reached the lowest correction level for the Dow Jones Index. During the month of June, it reached the level of 29706.45 points, where the best levels of the Dow Jones buy recommendations are at the support prices of 29504.85 points, in addition to the price level of 27495.00 points.
