Bullish continuation as China roll-back tariff

The situation grow positive in the global market as China announces the start of the trial of coronavirus drugs on humans. Aside from that, China also rollbacks tariff on U.S products worth $75 billion. Tariffs will be halved, 10% to 5%, and from 5% to 2.5%. The new tariff will work on 14 February.

Good results after the drug trial will trigger further bullish movement in the market.

Asian & European Stock market

The Asian stock extend bullish gain. Japan’s stock market up 554.03 points (+2.38%) to 23,873.59, China stock market up 48.42 points (+1.72%) to 2,866.51 and Australia ASX 200 up 73.10 points (+1.05%) to 7,049.20. The European stock market also continue higher. DAX Germany up 0.64%, UK FTSE up 0.21%, Euro STOXX600 up 0.28%

Technical Analysis

Dow Jones Industrial Average (INDU)

It is the time for new fresh high as DJIA futures pointed up more than 100 points. The cure for coronavirus has been passed and now ready for human trials. If the result positive then the stock market across the global market will start moving higher again. DJIA will target 30,000 handles this week.

Comcast Corp (CMCSA)

CMCSA recently tested the daily SMA 200 and fell below it. The share prices manage to move higher and formed a bullish trendline. At the current time, the share prices are testing the daily SMA 50 & 100. A close above the SMA 100 will trigger further bullish pressure in the share prices. Traders could prepare for long positions near the SMA 50 & 100.

Dell Technologies Inc (DELL)

DELL share prices look traded between the trendline and horizontal lines. It is currently trading near the daily SMA 100 and might get rejected from it. If the share prices could continue higher then it will target the SMA 200 where traders could look for short positions.