US Stock market Technical Analysis October 11, 2019

Positive cue before the opening bell

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The stock market set for higher opening as DJIA futures up more than 300 points. A possible limited deal between U.S and China might happen following President Trump tweet which said the trade talk proceed “really well”. Aside from that, China’s regulator also announced a schedule to remove the requirement that foreign financial companies must have a Chinese investor.

Asian & European Stock market

The Asian stock market rise in trade optimism. Japan’s stock market up 246.89 points (+1.15%) to 21,798.87, China stock market up 25.95 points (+0.88%) to 2,973.66, and Australia ASX 200 up 59.70 points (+0.91%) to 6,606.80. The European stock market also traded higher. DAX Germany up 2.13%, UK FTSE up 0.42%, Euro STOXX600 up 1.68%

Technical Analysis

Dow Jones Industrial Average (INDU)

The positive development from the fundamental front should spark buying in the index. DJIA expected to continue upward and test 27,000. In the medium-term, it is possible the index will print a fresh all-time high. Technically, the index still moves between two trendlines and inside 26,000 – 27,000 range.

JD Com (JD)

JD currently traded at the daily SMA 200 and look will bounce from the averages. We have the level around $32.00 as long-term resistance. If the share prices could bounce from the averages then we could expect JD to target the resistance level.

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