Possible flat day ahead

It is a heavily U.S news day, and also there is oil inventory report today. However, it looks like there will not be much movement in the market as traders and investors wait for more crucial news tomorrow. Asian market mixed with Nikkei and Australian ASX 200 moving up 0.94%, 0.24% respectively, and China Shanghai Composite down 0.36%. European market suffers setback with most major indices hovering in negative region.

EIA release commentary about crude oil price for this year. The agency mention OPEC policy to cut production will backfire as other non-OPEC country filling up the gap in supply. It also mentions how U.S will fill the majority of the gap in supply with its newly found shale oil. It seems the crude oil price might experience much turbulence in its upward movement and if it cannot stabilize the problem, then the price might move lower.

Technical Analysis

Dow Jones Industrial Averages (INDU)

The Dow Jones Industrial Averages has been down for four consecutive days and it is back to the lower part of consolidation range. The market will continue in its move to the right and inside range before impact news tomorrow.

General Electric (GE)

The overall trend for GE has turned into bullish as the price closed above its daily SMA 200. However, there is a flip below the trendline which must be watched. The price currently moves near its daily SMA 50, looks for bullish setup to place long position. A lower move toward SMA 100 & 200 also favorable to add more long position.

Hess Corporation (HES)

Bullish sentiment confirmed after the stock price moves outside from upper bearish channel. The price corrected after it reaches 1-year high at $65.56. Traders will watch area between $53.5 – $58 for a bullish setup as this is the area where inner Fibonacci level and averages present.