Wallstreet set to rebound on Wednesday session

The stock market in U.S set to open higher today as DJIA futures up 250 points. The bearish sentiment caused by oversupply in crude oil deemed important but might happen for short-term only. The demand for the black gold deteriorates as the economy impacted by coronavirus.

We still in a pandemic and the longer it takes place the harder the impact on the economy. Let’s hope experts could find an effective cure to the virus so the economy could return to its normal state faster.

Asian & European Stock market

The Asian stock market under pressure on oil prices rout. Japan’s stock market down 142.83 points (-0.74%) to 19,137.95, China stock market up 16.97 (+0.60%) to 2,843.98 and Australia ASX 200 down 0.10 points (-0.00%) to 5,221.20. The European stock market on the other hand shrug the bearish sentiment and launch higher. DAX Germany up 1.32%, FTSE UK up 1.53%, Euro STOXX 600 up 1.29%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA rejected from the 24,250 level also near the daily SMA 50. The index almost reaches the bottom of the range at 22,500. We think the consolidation will continue inside the range 22,500 – 24,250 until major breakout happen. At the current time, DJIA futures are higher 250 points and suggest a higher opening today.

Baxter International (BAX)

BAX share prices printed a higher high on the chart and currently in a bearish correction phase. If the bearish correction could reach the $87.22 or cluster of averages, traders could start looking for long positions. It is better to avoid short positions in BAX as it is a company in the health care sector that outperforms the market at the current time.