Dow Jones stocks Microsoft [MSFT], Cisco Systems [CSCo] and Walmart [WMT] moved into the buy range on Friday. However, the volume range of the stocks could be a cause of concern for investors.
The relative strength lines of these stocks are not very impressive in the current stock market rally. Cisco’s RS line is not too far off highs, reported Investors Business Daily. The Dow Stocks are not registering tremendous growth, even after registering success in shifting towards faster-growth markets.
On Friday, the market opened at 25,800.49 and climbed 81.86 points to close at 25,882.30. A minimal growth of 0.32% saw most stocks pumping by very meager amounts.
Microsoft stock rose by 1.3% to 108.22 in Friday’s market, clearing a 108 buy point from a cup-with-handle base, however, the volume was reported to be 31% below normal. As per the publication, the weekly volume was the lowest ever since late September.
Walmart’s stock climbed 1.5% to 99.99 and the volume registered was 6% more than the average. However, Cisco stock hiked by 2.1% to 49.43 and closed above 49.24 double-bottom buy point. The volume of the stock was 13% above normal, which is comparatively better than other Dow stocks.
A market enthusiast on Twitter, @dmadden_CMC, tweeted:
“The Dow Jones has been pushing higher since late December. Positive momentum is rising. While it holds above the 200-day moving average at 25,067, its outlook should remain positive. 26,278 might act as resistance. $DJI”
While another Twitter user, @ThinkTankCharts said:
“Dow Jones climb on Friday was above the Feb 28th 2017 high of 25800.35, by 83 points. Oil continues to climb, so this and the FAANGs will likely take the Dow Industrials up from here. They may be able to relax over 25800. StochRSI 40 says hold long. Swing tests coming up next “
Subscribe to AMBCrypto’s Newsletter