US stocks end higher supported by oil prices

Wall Street closed higher on Wednesday, as a rally in oil boosted energy-related equities. All of the three major indexes stand at major breakout points, resurging after US rate hike hopes continue to decrease.

The Dow Jones Industrial Average rose 66.77 points, or 0.37%, to close at 18,005.05, above the key 18,000 mark for the first time since late April.. The S&P 500 Index gained 6.99 points, or 0.33%, to finish at 2,119.12, a new closing high for 2016. The Nasdaq Composite Index gained 12.89 points, or 0.26%, for a close of 4,974.64.

DJIA technical outlook

“The DJIA technical picture favors further gains towards 18,165 April high, given that in the daily chart, the technical indicators head strongly higher within bullish territory as the benchmark rallies well above a bullish 20 SMA,” said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart shows that the index is also above a firmly bullish 20 SMA, but that the technical indicators are losing upward strength, retreating from near overbought territory, and supporting a downward corrective movement for the upcoming hours.”

Support levels: 17,953 17,890 17,823. Resistance levels: 18,084 18,165 18,220.