Daily US Stock market Technical Analysis March 14, 2017

Uneventful trading session

Tomorrow might be a big day for Wallstreet, but not today with the market mostly calm before interest rate announcement. There is only one news to watch in U.S trading session which is PPI news with 0.1% increase expectation. Asian stock market mix to flat and European stock market mostly down with only UK FTSE come out as a winner.

On the oil front, OPEC increase oil demand outlook in 2017 to 1.26 million BPD, but the price slide lower despite the news. The slide caused by the increase of crude oil stock in January despite production cut.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Dow Jones Industrial Averages set to open lower today as the index futures down 19 points before market open. Nothing much to expect as the market prepares for the interest-rate announcement this week. Today the index might continue its ranging movement.

International Business Machine (IBM)

The break above $175 resistance brought IBM up and touch 12-month high at $182.79. Overall the short-term trend of IBM is bullish, and the stock price might find support at broken $175 resistance. If bounce happen, nearest resistance located between $180 – $182.5

EBAY Inc (EBAY)

EBAY performed strongly and printed new record high at $34.43. The top of blue channel almost touched on the daily chart, but traders could take it as a touch with price tolerance. Currently, the share is in correction and looking for support. It might bounce from the uptrend line or the top of the light blue channel.

Other Watchlist

 

CVX – decline in price bring the stock near its daily SMA 200 and horizontal support $107.00. Traders will watch the bullish reaction from both support level before placing any position.

WDC – ranging movement near the daily SMA 50, look for a break either side of 9 March range.

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