Daily US Stock market Technical Analysis March 10, 2017

Gap closed, market set for bullish day

The decline yesterday put Dow Jones Industrial Averages down in middle of the trading session, the index starts to reverse its losses two hours before Thursday trading session end. At the end of the day, DJIA up 2.46 points and setting up for a bullish day as the index futures pointed up 67 points.

Traders might need to take cautious approach today before Non-Farm employment data release. High volatility day expected and might bring the index up after six down day.

Crude oil mildly lower below $50 handle after the discovery of massive oil field in Alaska, it might move lower as the pace of production from U.S increase.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Another lower move happened on Thursday. Fortunately, the index returns into the positive area at the end of trading session. There is bounce possibility on Dow Jones Industrial Averages today after the gap closed Yesterday, traders need to observe non-farm employment data release today before entering any position.

Hess Corporation (HES)

The decline of HES share price picked up momentum after it slides below daily SMA 200. The share price found support near the previously broken channel and formed bullish pin bar. This candlestick formation needs more confirmation to eliminate the possibility of the technical bounce.

If HES manages to move higher, traders need to watch area between $50 – $52.5 for reversal.

Kinder Morgan (KMI)

KMI touched its daily SMA 200 first time since the breakout in July’16. The price formed bullish pin bar which indicates possible reversal from the averages. There is range between $21.25 – $22.5 which will limit price movement before a breakout. Traders could use this opportunity to place long position with the target at $22.50.

Other Watchlist

APC – bullish candle rejection from the daily SMA 200, might move higher.

RIG – major horizontal line at $12.00 and daily SMA 200 was touched. Look for a bounce from both support level.

Copyright © 2017. All Rights Reserved. FXDailyReport.Com