Energy sector up, wait for OPEC delivery

The market in Asian and European rallied in anticipation of OPEC production cut announcement. The rally led by shares in the energy sector as crude oil price gained 5.95% to $47.92. The price of oil keep its gain momentum and might jump to $50 if the production cut reached.

Dow Jones Industrial Averages futures also posted 24 points gain before market open. The market also expects to digest speech by ECB President Mario Draghi and ADP nonfarm employments data releases today. Without any change in sentiment, we might see new high in the indices.

Technical Analysis

Dow Jones Industrial Averages (INDU)

Bullish close on the previous day put the bearish sentiment away once again. Dow Jones Industrial Averages might continue its advance today with a gain in oil prices.

Allstate Corp (ALL)

A sharp drop in price happened, ALL retreated near its SMA 50 & 100 and also its broken trendline. The Bull want a quick and sharp bounce from the support level. Otherwise, the bear will bring it down quickly.

Anadarko Petroleum (APC)

APC bounce from channel previously, but the rally did not hold for long and it back near the lower part of the channel. The trend is bullish, and we can expect another bounce from the channel, but if we have a sharp break outside of the channel, then traders will change the long-term outlook for APC.

WYNN resort (WYNN)

WYNN has a historical resistance at $102.5. The price formed bearish pattern near the resistance and expected to move down to its SMA 200 around $94 – $95.