Market News
- Dow Jones fell 592 points on Monday after U.S. crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy.
- U.S. jobless claims touched 22 million in the four weeks to April 11, and analysts have forecast as many as 5 million more in the latest week. A reading of an April U.S. manufacturing survey, also due Thursday, is expected to slide to recession-era levels.
- Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry.
Market Views
- Stocks in Asia fell in Tuesday morning as uncertainty weighed over the health of North Korean leader Kim Jong Un. Hang Seng index slid 575 points and Nikkei 225 index declined 428 points.
- CNN reported Tuesday, citing an unnamed U.S. official with direct knowledge, that Washington is “monitoring intelligence” that Kim is in “grave danger after a surgery.”
Dow Jones Index
(CFD Symbol: US30)
Trend :
Recommendation :
Last : 23,442
Target price:
Protective stop:
Outlook
Price broke above the price resistance of 24,080 last Friday, but created a Doji Star candlestick pattern, which is a reversal signal. A bearish engulfing pattern was followed-through last night. The 20EMA will provide a first layer of support at 23,060. A violation of the 20EMA will hint at further correction towards 21,466. Stochastic is turning down. MACD has turned bullish but a bearish crossover is likely in the near term.
Trading Idea
Sell 23,450 for 22,530 with a stop above 24,100
Hang Seng Index
(CFD Symbol: HK50)
Trend :
Recommendation :
Last : 23,748
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. We are likely to see price moving lower towards 22,920. Stochastic is turning down at the moment. MACD has turned bullish but just had a bearish crossover.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend :
Recommendation :
Last : 8663
Target price :
Protective stop:
Outlook
This index has reached its support-turned-resistance zone at 9000. Price is 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 turning down at the overbought region. 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: 19,244
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. There is a divergence warning given from the MACD histogram. Thus, a break of the 20EMA support at 19,110 will target the low at 17,650. Stochastic is falling at the moment. MACD has turned bullish but just had a bearish crossover.
Trading Idea
Wait for better trading idea
