US Stock Market Technical Analysis | November 23, 2020

U.S stock market set to trade higher despite the increase in new coronavirus cases

Worry over the coronavirus spread could not limit the upside of the stock market. Traders and investors are betting that the pandemy will end as effective vaccine has been found. Restriction are introduced across the U.S states and the effects will be seen in the coming economic data.

Meanwhile, traders could continue hold long positions in equity and switch out of technology stock as rotation happening.

Asian & European Stock market

The Asian stock market mostly higher. Japan stock market closed, China stock market up 36.76 points (+1.09%) to 3,414.49 and Australia ASX 200 up 22.40 points (+0.34%) to 6,561.60. The European stock market also trading higher. DAX Germany up 0.86%, UK FTSE up 0.33%, and Euro Stoxx600 up 0.43%.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA maintain the close between 29,000 – 30,000 and expected to continue its consolidation with bullish bias. At the current time, the index futures is trading higher more than 200 points which indicate bullish opening. Traders who has long positions in equity could continue hold the positions until there is major breakout from 29,000 – 30,000 range.

Fortis Inc (FTS)

FTS share prices looks trading inside a bullish channel. Currently, the share prices is trading near the bottom of channel. If a bounce happen then trades could expect the share prices to continue its bullish movement inside the channel.

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