U.S-China trade deal hope and The Fed dovish expectation boost the market

The global market indices started the week with bullish movement. U.S-China trade deal hope boosted sentiment also weak data from U.S previous week lead the market to think The Fed will show up with the dovish tone this week. On Saturday, South China Morning News reported another possibility of the proposed meeting between Trump and China’s Xi Jinping will be pushed back to June.

Asian & European Stock market

Asian stock market is mostly higher today. Japan stock market up 133.65  points (+0.62%) to 21,584.50, China Shanghai Composite up 74.67 points (+2.47%) to 3,096.42, and Australia ASX 200 up 15.30 points (+0.25%) to 6,190.50. European stock market also edges higher. DAX Germany down 0.05%, UK FTSE up 0.56%, Euro STOXX600 up 0.17%.

Technical Analysis

Dow Jones Industrial Average (INDU)

The upward movement of DJIA in the previous week manage to settle between 25,800 – 26,000 area. It is a bullish close but we think DJIA might consolidate between 25,800 – 26,000 until next direction settled. We think the market will pause until the Fed interest-rate decision this week. More dovish statement from the Fed should help DJIA to surpass 26,000.

Altaba Inc (AABA)

AABA is on a bullish run and worth to watch if bearish correction could push the price toward the SMA 200. Traders could observe level around $68.00 – $71.00 for a chance to enter long positions. However, if the price continues upward without correction, it is better to wait until $80.00 reached to place short positions.

Mobile Telesystems PJSC (MBT)

MBT bullish attempt limited below $8.5 and daily SMA 200. The share still in bearish trend, however, we could see higher low printed on the chart. If the trend continues with more higher low then MBT expected to breakout above SMA 200 and start a new bullish trend.