US Stock market Technical Analysis November 25, 2019

Stock market futures higher before the market open

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Phase one of the trade deal between China and the U.S could happen before the end of the year. But the growing situation in Hong Kong might hinder the progress. Pro-Democracy candidates score a landslide victory against Pro-Beijing candidates today. Hong Kong Hang Seng index surged 1.5% to close at 26,933.04. Under the current situation, the market seems will continue to observe the growing situation in Hong Kong.

DJIA futures currently up more than 70 points.

Asian & European Stock market

The Asian stock market traded higher today. Japan’s stock market up 179.93 points (+0.78%) to 23,292.81, China stock market up 20.88 points (+0.72%) to 2,906.17, and Australia ASX 200 up 21.60 points (+0.32%) to 6,731.40. The European stock market also higher. DAX Germany up 0.46%, UK FTSE up 0.70%, Euro STOXX600 up 0.76%

Technical Analysis

Dow Jones Industrial Average (INDU)

No change yet to the direction of DJIA which pointed upward. The index might continue to print fresh all-time high on the daily chart. Traders better avoid shorting the equity market at the moment until there is a change in the sentiment. If the index moves lower then it might find support at the trendline and SMA 50.

Comcast Corp (CMCSA)

CMCSA is traded inside the triangle pattern shown on the daily chart. It is supported near the SMA 100 and might rebound. Traders will wait for a breakout of the triangle pattern while adding long positions when the share prices move lower and test the bottom trendline.

CMCSA might move lower and target the daily SMA 200. Traders could also prepare for long positions near it.

Petroleo Brasileiro (PBR)

PBR corrected lower after the share prices rejected from the level around $16.80 – $17.00. At the current time, the share prices supported by trendline and a cluster of averages. We expect PBR to bounce and start moving upward to test $16.80 – $17.00 area.

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