Stock index on track lower

The ongoing trade fears dent the market confidence and trigger selling across the global market. Day by day the tension between U.S and counterpart such as China and European Union escalate. Reality slowly sips in when import tariff imposed, the image of trade wars is not far away if the tension continues to rise.

Aside from the trade fears, market attention will shift to OPEC meeting on Friday. Members are getting closer to production output deal which will determine oil prices trend for several months forward.

Asian & European Stock market

Asian stock market closed mixed. Nikkei closed up 137.61 points (+0.61%) to 22,693.04, Shang Hai Composite closed down 40.12 points (-1.38%) to 2,875.61 and Australia ASX 200 up 59.50 points (+0.96%) to 6,172.60. European stock market turned lower after BOE. DAX Germany down 0.71%, FTSE UK down 0.45%, and Euro STOXX 600 down 0.21%.

Technical Analysis

Dow Jones Industrial Average (INDU)

Lower level seen in Dow Jones Industrial Averages after the decline Yesterday. It is already the seventh day the index closed down. Fortunately, there is no close below the daily SMA 50 yet. However, it looks like the index could continue lower to daily SMA 200 under trade fears pressure.

Hasbro Inc (HAS)

HAS is one of the most interesting shares to watch. At the current time, the share prices are testing the daily SMA 200, and it looks like pressure continues to the upside. If the bull manages to break the averages and maintain the consecutive close above it, then HAS will switch to long-term bullish trend.

Traders could enter a long position when retest of daily SMA 200 happen.

Ryder System Inc (R)

R made a breakout above the white trendline and stopped the bearish trend. The upward movement brought the share prices above daily SMA 100 and currently approaching the sell zone. It is the level where the previous sell-off after earnings result happen. Will the bull maintain bullish composure and pierce through the area?