Market News
- U.S. stocks rose on Friday and also posted gains for the week, boosted by 15% surge in Boeing shares on plans to restart commercial jet production in Washington after halting operations last month due to the coronavirus pandemic.
- Trump’s plan to reopen the coronavirus-battered economy and hopes of a potential drug by Gilead to treat the coronavirus also boost the market sentiment.
- Trump said on Sunday that U.S. Democrats and Republicans are near agreement on extra money to help small businesses hurt by the coronavirus pandemic and could seal a deal as early as Monday.
Market Views
- Caution gripped Asia Pacific markets on Monday morning on expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown. Hang Seng index rose 64 points while Nikkei 225 index fell 178 points.
- Japan reported its exports fell almost 12% in March from a year earlier, with shipments to the U.S. down over 16%. Early readings on April manufacturing globally are due on Thursday and are expected to show recession-like readings.
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 25,145
Target price:
Protective stop:
Outlook
Price broke above the price resistance of 24,080 last Friday, but ended the day with a Doji candlestick. It also created a Doji Star candlestick pattern, which is a reversal signal. Today will be crucial for identifying the next directional movement. If price cannot surpass Friday’s high at 24,446, we are likely to see a pullback in the near term. This index has to penetrate above 24,446 for further rally. Stochastic is at the overbought region and is likely to turn down. MACD has turned bullish but a bearish crossover is likely in the near term.
Trading Idea
Wait for better trading idea
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 24,339
Target price:
Protective stop:
Outlook
Price was capped by the gap resistance zone that range from 24,700 to 25,010. This could be a strong resistance zone as it also coincided with the Fibonacci 38% correction point of the decline. If this index cannot surpass this resistance zone, we are likely to see price moving lower towards 22,820. Stochastic is turning down at the moment. MACD has turned bullish but a bearish crossover is likely in the coming session
Trading Idea
Sell 24,750 with a stop at 25,100 for 23,850
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8798
Target price :
Protective stop:
Outlook
This index has reached its support-turned-resistance zone at 9000. Price appears to be resisted by this resistance zone. We are likely to see some correction if price cannot surpass 9000. The support lies at the 20EMA point at 8250. Price will need to penetrate above 9000 for a test of its all-time high. Stochastic is at the overbought region and is likely to turn down. MACD has turned bullish with both lines are above the zero line.
Trading Idea
Wait for better trading idea
Nikkei 225 Index
(CFD Symbol: JP225)
Trend:
Recommendation:
Last: 19,669
Target price:
Protective stop:
Outlook
This index is trading near the gap resistance at 20,025. This could be a relative strong resistance as it also coincided with the Fibonacci 38% retracement point at 19,707.. Price was capped twice at this resistance zone before. It will need to penetrate above this resistance for further upside. A violation of the 20EMA support at 19,135 is likely to bring price lower to test the low at 17,650 again. Stochastic is still rising at the moment. MACD has turned bullish but a bearish crossover is likely.
Trading Idea
Wait for better trading Idea
