Wallstreet higher, ignoring Italian referendum

Italian referendum result in Prime Minister Matteo Renzi heavy defeat and he confirms his resignation. This result shakes European market and drives Euro lower than April’15 low, though the currency rebounded and reversed all losses in the middle of the session.

Wallstreet higher with Dow Jones Industrial Averages futures gained 85 points before market open. The index expected to continue its upward movement despite gloomy outlook in European. Crude oil also posted gain above $52, the price building more momentum toward $60 in long-term.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Dow Jones Industrial Averages set to higher open today, the index looks to advance and claim new record high. However, it needs to move higher than Friday candlestick first; otherwise, it will continue to range.

Anadarko Petroleum (APC)

APC once again lurk near best place to take a position. The stock price jumped in correlation with the jump in oil prices, and it might break above the channel this time. However, as long as the price close inside, the bear will emerge and take the price down.

Honeywell (HON)

HON wa struggling to close above the SMA 200. The price formed a bearish engulfing pattern which is a confirmation that the pattern is ripe for selling. Traders need to wait until the price fall lower than the pattern low and better if it close below it.