Stock market to advance after China trade balance data soar
The stock market around the world is cheering China trade balance data which grow 221B vs 2B expectation. It is good news in the current situation where slowdown and decreasing growth forecast reported. U.S stock futures also pointed upward before the market open.
Not much to expect to today and the stock market set to close the day at the positive side. Traders and investors focus will return to earnings report in the coming week. On the other side, trade talk between U.S-China and possible trade war between U.S-Europe will come under focus too.
Asian & European Stock market
Asian stock market mostly higher on better than expected China trade balance data. Japan stock market up 159.18 points (+0.73%) to 21,870.56, China Shanghai Composite down 1.34 points (-0.04%) to 3,188.63, and Australia ASX 200 up 52.60 points (+0.85%) to 6,251.30. European stock market also advances today. DAX Germany up 0.40%, UK FTSE up 0.47%, Euro STOXX600 up 0.07%.
Dow Jones Industrial Average (INDU)
DJIA stay unmove yesterday, hovering above support 26,000 and close near its opening level. Today, the index future pointed upward more than 100 points. We might see the index rallying today and start a bullish trend. No guarantee a rally will happen, but as long as the index stays above 26,000, the probability will get higher.
Citrix Systems Inc (CTXS)
CTXS traded inside a triangle pattern. It is a bearish descending triangle pattern with the support at $100.00. Following the pattern, if there is no breakout above the pattern then CTXS bound to break lower below $100.00 in the short-medium term.
Nvidia Corp (NVDA)
NVDA closed the earnings gap and might continue its upward movement to test daily SMA 200. There is no bearish reaction yet at the current level. If NVDA could close the share prices above SMA 200 then the trend will turn bullish. Meanwhile, traders better stick with short positions and enter when there is a strong bearish reaction from the resistance.