China slowdown and Brexit “No-deal” vote down create mix signal
U.S stock market is looking for direction before the market open as major event take places. China slowdown in factory output shows the weakest number since 1995. Factory output grew 5.3 yoy. The trade war with U.S takes tolls to the China economy despite stimulus implemented in recent months. Bloomberg News reported that the meeting between President Trump and China’s Xi Jinping might happen in April.
From the UK, lawmakers voted down Theresa May’s Brexit proposal and later voted “no” to “Brexit without a deal”. It means the country still under huge uncertainties as Brexit deadline loom. Analysts think Theresa May will attempt to make comeback with third Brexit proposal in seven days. Otherwise, lawmakers will turn to last vote “Delaying Brexit”.
Asian & European Stock market
Asian stock market mixed today. Japan stock market down 3.22 points (-0.02%) to 21,287.02, China Shanghai Composite down 36.27 points (-1.20%) to 2,990.69, and Australia ASX 200 up 18.40 points (+0.30%) to 6,179.60. European stock market on the other hand rallying. DAX Germany up 0.38%, UK FTSE up 0.50%, Euro STOXX600 up 0.77%.
Dow Jones Industrial Average (INDU)
DJIA bounced from the level near daily SMA 200 and it is possible the upward movement will continue until it reaches 25,800 – 26,000 area. At the current time, traders will wait for the index reaction near the resistance. If there is a breakout above 26,000 then DJIA expected to resume its uptrend to test all-time high.
BB&T Corp (BBT)
BBT surpassed the daily SMA 200 in the previous month and maintain the level above it. There is consolidation going on at the averages. If BBT could bounce from the averages then we will see the share prices rallying. There is $50.00 handle to break, a significant upward movement might trigger a long-term bullish trend.
Centurylink Inc (CTL)
CTL share prices worth to watch as it has lost half of its value since $24.20 high. The share prices bearish trend is still intact though. We have a red bearish channel which draws the long-term trend. At the current time, CTL traded near the bottom of the red bearish channel. Bounce from the level might trigger buying to test the top of the white channel and SMA 50.