Worry cloud the market as coronavirus count jump

China reported 800 new cases of coronavirus infection. South Korea reported new 52 infections which brought the total cases to 150. Meanwhile, both the U.S and Iran reported 13 and 12 new cases of infections. Today numbers provide a grim outlook where the virus spread globally. Slow growth is a concern in next month report.

If the situation continue do not improve then we should see a deeper pullback in the global market.

Asian & European Stock market

The Asian stock mostly lower. Japan’s stock market down 92.41 points (-0.39%) to 23,386.74, China stock market up 9.52 points (+0.31%) to 3,039.67 and Australia ASX 200 down 23.50 points (-0.33%) to 7,139.00. The European stock market mixed. DAX Germany up 0.13%, UK FTSE down 0.01%, Euro STOXX600 up 0.13%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA moved lower in the previous day and might continue its downward movement today as DJIA futures pointed down 60 points. If the index reaches daily SMA 50 then it might find support and bounce from the averages. We think the index still has a chance to continue its bullish trend and target 30,000.

AK Steel (AKS)

AKS managed to bounce from the trendline and SMA 100 when the share prices tested it in the past. At the current time, the share prices once again fall toward the SMA 100. There is a bullish trendline present too. Will AKS make another bounce and finally restart its bullish trend above SMA 200?

Danaher Corp (DHR)

DHR share prices are in a bearish correction since the top $169.19. It managed to hold out at 23.6% Fibonacci Retracement level. However, the share prices closed below the 23.6% retracement and ready to test the daily SMA 50. On the daily chart, it seems 61.8% Fibonacci Retracement is the ideal level to enter long positions.

We think the share prices might reach 50% where traders could take long positions. If it manages to hit 61.8% retracement then take the chance to enter major long positions.