Positivism before Wednesday phase one trade deal
The stock market in the U.S set to open higher today as DJIA futures up 120 points before the market opens. The positive sentiment incited by optimism on the U.S-China phase one trade deal. After the phase on a trade deal, both parties will continue the trade talk and trying to solve the core problem in the trade situation.
Asian & European Stock market
The Asian stock market move higher on U.S-China optimism. Japan’s stock market closed, China stock market up 23.28 point (+0.75%) to 3,115.57, and Australia ASX 200 down 25.30 points (-0.37%) to 6,903.70. The European stock market also take positive cue. DAX Germany up 0.09%, UK FTSE up 0.53%, Euro STOXX600 up 0.11%
Dow Jones Industrial Average (INDU)
DJIA reached the resistance 29,000 and formed a bearish engulfing pattern. Despite the bearish pattern, there is a chance the index will continue its upward movement. Traders could continue to hold the position in equity and waiting for further bearish development before reversing direction from bullish to bearish.
Archer Daniels Midland (ADM)
The retracement of ADM Share prices reached the daily SMA 50. No bullish reaction yet near the averages. It is possible ADM could continue moving lower and target the trendline also the daily SMA 100 & 200. Traders who want to enter long positions could wait until the share prices move further lower.
AK Steel Holding (AKS)
AKS share prices are interesting to watch as it moves lower and reaches the daily SMA 50. There is a horizontal support line present too, near the averages. Will AKS bounce from the support levels and start a new bullish leg?