DJIA, copper prices likely to climb further
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THE Dow Jones Industrial Average (DJIA) has gone through a turbulent period over the past year. In 2019, DJIA came out of its sluggish momentum when prices broke out of the 27,000 top and rose a further 2,000 points to beyond 29,000 by January 2020. DJIA's upside halted when Covid-19 hit.
Market jitters caught up with investors, and a sell-off ensured.
Shaded in red circle of the technical chart Fig 2, the double-top formation hinted that the market was headed for a reversal and when prices gapped below the 28,000 psychological support with a massive cliff, things turned for the worse. The selling lasted for a month before rebounding from the 18,258 level. Recovery was only observed after the Federal Reserve announced a slew of expansionary monetary policies.
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