Hope for recovery in Europe boosted the market

The slowdown in coronavirus new cases in Europe spark hope that the pandemic might be near an end in Europe. Meanwhile, OPEC delayed the meeting on an oil production cut. Despite the delay, it seems the oil cartel will reach a production cut deal with Russia.

Asian & European Stock market

The Asian stock market mostly higher today. Japan’s stock market up 756.11 points (+4.24%) to 18,576.30, China stock market closed and Australia ASX 200 up 219.30 points (+4.33%) to 5,286.80. The European stock market also on the path higher. DAX Germany up 4.45%, UK FTSE up 2.09%, Euro STOXX600 up 2.91%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA futures pointed upward 700 points today and suggesting further upside above 21,000. Hope is brewing around the world as Europe might see an end to the coronavirus pandemic. DJIA closed near 21,000 last week, this week the index attempt recovery toward 22,500 with support at 20,000

Exxon Mobil (XOM)

When the oil prices make recovery, the XOM share prices expected to follow suit. XOM currently traded near 2002 low which might provide traders with a chance to take long-term long positions. It might not take long for the share prices to return near the monthly SMA 200 if the recovery accompanied by the slowdown of coronavirus spread.