US Stock market Technical Analysis May 13, 2019

Rough week ahead after no deal between U.S-China on trade war

Free $100 Forex No-Deposit Bonus

In the previous week, major indices punished by U.S tariff-hike implementation against $200b of China goods. The reaction was severe but equity market bounced at the end of the week suggesting optimism. However, talk in Washington ended without a deal and the market now focuses on China retaliation response against the tariff.

Traders could expect rocky week ahead with lots of volatility in the market.

Asian & European Stock market

Asian stock market dropped on U.S-China trade worry. Japan’s Nikkei down 153.64 points (-0.72%) to 21,191.28, China stock market down 35.50 (-1.21%) to 2,903.71, and Australia ASX 200 down 13.30 points (-0.21%) to 6,297.60. European stock market follow Asia lead. DAX Germany down 0.78%, UK FTSE down 0.10%, Euro STOXX600 down 0.54%.

Technical Analysis

Dow Jones Industrial Average (INDU)

US Stock market Technical Analysis May 13, 2019

DJIA bounced sharply in Friday trading session and closed the day above the Thursday high. The index set to move further higher today, but we have conflicting signal as the index futures pointed lower more than 300 points. It seems, 26,000 will become the resistance where the index bounces lower from.

This week, a close below SMA 200 is a major blow for the bull and it must be avoided at all cost.

Analog devises Inc (ADI)

US Stock market Technical Analysis May 13, 2019

ADI supported at the daily SMA 50 and formed a bullish pattern. The share prices might start its bullish reversal at the current level. However, the major sentiment is bearish which suggest possible breakdown toward SMA 100. Long position near SMA 100 or 200 might be the safer option.

Nike Inc (RL)

US Stock market Technical Analysis May 13, 2019

RL share prices managed to hold on above the bottom of its bullish channel. We might see a continuation of movement inside the channel. Traders will continue to monitor the share prices reaction at the bottom of the channel.

Copyright © 2019. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.