US Stock market Technical Analysis November 26, 2019

Flat opening expected while the market waiting for more trade talk result

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Phase one of trade deal optimism enveloped the market this month and both U.S-China continue the negotiation talk this Monday. Core issues have not solved yet and the U.S new round of tariff will be implemented soon on 15th December. Will both parties reach agreement before the implementation of tariff?

On the data front, U.S CB Consumer confidence will be under observation. Analysts expect a reading of 126.9.

Asian & European Stock market

The Asian stock market mostly higher today. Japan’s stock market up 80.51 points (+0.35%) to 23,373.32, China stock market up 0.89 points (+0.03%) to 2,907.06, and Australia ASX 200 up 56.10 points (+0.83%) to 6,787.50. The European stock market move lower. DAX Germany down 0.17%, UK FTSE up 0.14%, Euro STOXX600 down 0.04%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA has nothing to obstruct it from printing further higher high. The index looks ready for more fresh all-time high and traders better avoid shorting the stock market for now. No change to the outlook, if the index makes a bearish correction then the trendline and SMA 50 are the levels to watch for a bounce.

Air Products & Chemicals (APD)

APD trend is bullish and the current downward movement should be treated as a bearish correction only. We have support levels around $232.5 to watch. Below the level is 23.6% Fibonacci Retracement at $220.14. Traders could enter long positions when there is bullish reaction or slowdown in the rate of fall.

Hess Corporation (HES)

HES continue its bearish correction and reached daily SMA 100. No bounce reaction yet near the averages. HES might continue moving lower and test daily SMA 200 where traders could look for long positions. There is a support trendline to watch too aside from the averages.

If the share prices start moving higher then the area between $68.00 – $70.00 will become resistance to watch.

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