Lower oil prices, business reopening on focus

The global stock market in Asia mostly unchanged in today’s trading session. Meanwhile, the European stock market logged gain after the opening bell. It seems the declining oil prices might be the factor that contributes to today’s trading movement.

Businesses which stopped after lockdown soon will reopen. It is positive news for the economy, however, if coronavirus spread again after the reopening then it will shock the market and lead to bearish sentiment.

Asian & European Stock market

The Asian stock market mostly unchanged. Japan’s stock market down 12.03 points (-0.06%) to 19,771.19, China stock market down 5.47 (-0.19%) to 2,810.02 and Australia ASX 200 down 8.30 points (-0.16%) to 5,313.10. The European stock market charging upward. DAX Germany up 0.69%, FTSE UK up 0.51%, Euro STOXX 600 up 0.75%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA closed near 24,250 and daily SMA 50. The index will need further confirmation near the resistance before moving to the next direction. At the current time, DJIA futures up 123 points which indicates a higher opening level. Without major bullish close above 24,250 and the daily SMA 50 then DJIA might reverse its direction.

Beyond Meat (BYND)

BYND share prices rejected from the daily SMA 200 and formed a bearish engulfing pattern. If there is bearish follow-through in today’s trading session then BYND might continue its downward movement and target the daily SMA 100. However, if the share prices could climb above daily SMA 200 and the bearish trendline then we might see a new bullish rally in the share prices.