Europe Economy

Charts: Dow Set for Steady Trip to 11,600

CNBC.com
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The Dow Jones Industrial Average looks set to stage a steady climb to 11,600 points, but it won't get there before Christmas, Daryl Guppy, CEO of Guppytraders.com, told CNBC Thursday.

Charts: Dow Set for Steady Rise to 11,600
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Charts: Dow Set for Steady Rise to 11,600

"A move above 10,000 (points), which is the strongest historical resistance level in the Dow, sets us an upside target of 11,600. Now it doesn't mean we're going to get there by Christmas … but we will move steadily towards that level while that trend level remains as a solid support line," Guppy said.

The Dow's uptrend line is acting as a major support level for the US stock index, he said.

Meanwhile, the Shanghai Composite Index also looks set to rise, according to Guppy.

He has an upside price target of around 3,400 points for the Chinese stock index, but said it wouldn't be a straight line higher and investors should expect some "trend oscillation."

- Watch the full interview with Daryl Guppy above.