US Stock market Technical Analysis June 03, 2020

Positive market as optimism outweighed the recession concern

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The recession is over? it might be traders and investors question as the stock market continues to make positive close each day. Today, DJIA futures up more than 180 points which indicate further optimism despite the National wide demonstration, trade tension between U.S-China.

The market might continue its upward movement for now but traders might want to have a contingency plan if coronavirus cases continue to increase.

Asian & European Stock market

The Asian stock market mostly higher. Japan stock market up 288.15 points (+1.29%) to 22,325.61, China stock market up 1.97 points (+0.07%) to 2,923.37 and Australia ASX 200 up 106.50 points (+1.83%) to 5,941.60. The European stock market also pressures to the upside. DAX Germany up 2.19%, FTSE UK up 0.99%, Euro STOXX 600 up 1.17%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index climbed yesterday and soon will reach the daily SMA 200. Traders will wait until the index reaches the averages and show a reaction from it. A major bearish rejection from the averages could be the sign of a new bearish trend. However, a major bullish close above the averages is strong confirmation for bullish continuation.

Western Union (WU)

WU share prices gapped up and closed near the daily SMA 200. The share prices might be corrected toward the horizontal line around $21.75 where traders could consider entering long positions. Short positions near the daily SMA 200 could become the option, traders could take too.

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