Market News
- U.S. three stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as U.S. banned Russian oil and other energy imports over the invasion
- President Joe Biden announced the ban on Russian oil and other energy imports, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices, while Britain said it would phase out imports of Russian oil and oil products by the end of 2022.
- Ukraine’s government accused Russian forces of shelling a humanitarian corridor that Moscow, which describes its actions as a “special operation”, had promised to open to let residents flee the besieged port of Mariupol.
Market Views
- Asia Pacific stocks were mixed on Wednesday morning, with China releasing factory-gate data and the U.S. as well as the U.K., banning on Russian oil. Hang Seng index slid 424 points while Nikkei 225 index rose 90 points.
- The rally in oil and other commodities has heightened investor fears about global inflation. Data this week is expected to show the U.S. consumer price index climbed a stratospheric 7.9% on a year-on-year basis in February, up from 7.5% in January
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Long @32,710
Last: 32,680
Target price: 33,740
Protective stop: 32,230
Outlook
This index retested its low last night and formed a potential Spinning Top candlestick pattern. Both Stochastic and MACD are giving potential divergence warning that warns of possible bottom. We are likely to see price rebound to test its overhead 20EMA resistance at 33,740.
Trading Idea
Buy 32,710 with a stop below 32,230 for 33,740. Entry order was filled on 8 Mar.
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 20,305
Target price:
Protective stop:
Outlook
This index has been declining after violating the neckline of a Double Top chart pattern. It further violated its previous low support zone as well. Price is likely to head lower towards the Double Top’s price target at 21,465. Stochastic is falling and MACD remains bearish.
Trading Idea
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 13,296
Target price:
Protective stop:
Outlook
This index remains bearish as it has been capped by the falling 20EMA which is acting as resistance currently. A possible price low has been formed at 13,032. Both Stochastic and MACD are giving potential divergence warning. We could see a technical rebound towards the 20EMA at 13,970
Trading Idea
Wait for better trading idea
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation: Long @ 4180
Last: 4182
Target price:4325
Protective stop:4106
Outlook
Price retested its previous low last night and formed an inverted Hammer candlestick pattern. Stochastic is giving a potential divergence warning that hints at possible bottom. We could see price having a technical rebound towards the 20EMA at 4325.
Trading Idea
Buy 4180 with a stop below 4106 for 4325. Entry order was filled on 8 Mar.
