Back and forth market

U.S stock indices show positive sign before market open. The Dow Jones Industrial Averages has been moving back and forth between bullish and bearish. This movement due to shaky outlook from either Trump policy, North Korea missile launch, tension with Russia and China, UK Brexit. Also, there is earnings report coming out from the companies this month which highly influences the market.

IBM set to move lower after reported worse than expected result on Tuesday after market close. Today, the market player will watch Morgan Stanley (NYSE: MS) which will report earnings before the market open.

Meanwhile, Asian indices slumped following weakness in U.S market. However, European session posted gain across the board except for UK FTSE.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Strong bullish indication does not mean the market will move in the direction. Dow Jones Industrial Averages move lower despite the formation of the strong bullish candlestick. The index expected to move sideway between 20,400 – 20,800 in coming days.

Antero Resources (AR)

The price of AR is sitting near the bottom of its downtrend channel. It is an opportunity for a long position, but it might work only for short term as the trend is bearish. Traders could look for a long position with tight stop losses at this level.

MSA Safety Incorporated (MSA)

There is strong support level on MSA daily chart around $67.00. The price always bounces when it visit the level, and the bounce has a minimum target around $71.00. Traders could place long position with a stop below the strong support level, targeting $70 – $71 as take profit level with extension toward $74.60.