Relief rally from French

It is the long-awaited vote from French election, and the result is satisfactory for the party who wish for Eurozone union existence. The race won by Macron and Le Pen which is two opposite polar with Macron leading the board. French will prepare for the final bout of the election later in May.

Meanwhile, U.S stock market waiting for President Trump tax package which will give a huge impact to the market. Dow Jones Industrial Averages Futures up 173 points and might continue further when U.S market open.

Asian stock market and European stock market also boosted by the news from Eurozone while China stock market is losing ground on a possible intervention by the government.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Bullish movement from the French election might be limited near 20,800 while the market is waiting for tax-package by President Trump. The release of tax-package might lead DJIA higher to test the record high.

EBAY (EBAY)

Despite better than expected earnings report, EBAY slides lower and breach the daily SMA 50. The breach below SMA 50 is bearish and might sign for further continuation lower. Although it is bearish, traders could take this opportunity to buy EBAY at a cheaper price. There is an area between $30.13 – $31.89 which is inner Fibonacci Retracement level where the bull present.

The best level to place long position is $30 where there is a gap from previous earnings.

Micron Technology (MU)

The stock which is in bullish trend is the best choice to look for a long position. MU is one of the shares which has the long-term bullish trend. The price is in a correction period and moving lower to the lower trendline. When the price reached the trendline, it is the best opportunity to look for a long position.