Stock to stay subdue while oil jump
The stock market might open lower and traded sideway as traders and investors start to return from holiday. The European market is still closed for the day. Earnings result will continue under focus, AABA, BIDU, HAL, KMB are among companies which will report earnings today.
Crude oil prices jumped $1.51 (+2.36%) to $65.51 after the U.S end the waiver to import Iranian oil. The U.S announce on Monday, countries which import oil from Iran must stop the imports or face U.S sanctions.
Asian & European Stock market
Asian stock market mixed. Japan stock market up 17.34 points (+0.08%) to 22,217.90, China Shanghai Composite down 55.75 points (-1.70%) to 3,215.04, and Australia ASX 200 up 3.40 points (+0.05%) to 6,259.80. European stock market closed on a holiday.
Dow Jones Industrial Average (INDU)
The index climbed further higher above 26,000 resistance and currently hovering at the middle of 26,000 – 27,000 range. No change of direction yet, however, we might see major movement nearing the end of the month. U.S and China will announce the result of trade talk and the market will be hopeful both parties settled the trade differences.
Baxter International Inc (BAX)
A bargain is coming at BAX share prices as it almost corrected 50% from the latest up leg. Traders could observe 50% Fibonacci Retracement at $71.83 and the daily SMA 200. A bullish reaction from the levels should trigger upward movement which could lead to a new bullish leg.
Chevron Corporation (CVX)
CVX made the correction and reach the daily SMA 200. The share prices traded between SMA 50 & 200 and no breakout happened yet. It might continue trade between both averages. As long as the share prices could maintain the position above SMA 200 then we will expect a bullish bounce from the averages.