DJIA 118 points to go!
U.S stock market is in bullish streak as Dow Jones Industrial Averages inch higher and closes at record high 22,872.89. There is nothing to stop the bull to reach 23,000 handles in DJIA. Looking back at the DJIA performance, it only took less than 1-year for the index to gain at least 20% since Donald Trump elected as President. The index rallied from 19,000 to 22,872.89 which is a 20% gain. This week, the index expected to secure 23,000 landmarks under current bullish momentum.
Asian stock market continue its bullish sentiment with Nikkei up 73.45 points (+0.35%) to 20,954.72, Shang Hai Composite down 0.64 points (-0.02%) to 3,387.65 and Australia ASX 200 up 22.32 points (+0.39%) to 5,794.47. European stock market under pressure following Brexit talks “Impasse”. DAX Germany down 0.12%, UK FTSE up 0.32%, Euro STOXX 600 down 0.17%.
Dow Jones Industrial Average (INDU)
No pullback on DJIA daily chart, the price continues closed higher and currently less than 150 points from 23,000 handle. The 23,000 landmark become a bold line which will be reached in coming days or weeks. Traders could stand pat and wait for the event to unveil.
Guess? Inc (GES)
GES upward movement move past $15.50 – $16.40 area. The share prices hit yearly high and corrected. Currently, the price is moving inside $15.50 – $16.40 area which might become the base for next rally. Traders could look for a long position with a stop below the daily SMA 50.
Starbucks Corp (SBUX)
SBUX expected to continue its consolidation inside the grey box shown on the daily chart. The share prices currently move above its daily SMA 50 and might extend toward the daily SMA 200 if the box broken upside. Traders could look for a short position with a stop above the daily SMA 200.
MRK – Possible bounce from the daily SMA 200
S – Massive bullish pin bar formation on the daily chart. Possible reversal, but the overall trend is bearish.
TLK – sharp gap toward its daily SMA 200, the downward momentum is strong. Traders need to observe the reaction from the averages before placing position.