Market News
- Wall Street stocks slumped on Thursday, wrapping up its biggest quarterly decline in two years as investors digested further data pointing to red-hot inflation and President Biden’s plan to release a record amount of emergency oil supplies to curb rising energy prices.
- Hopes about a possible peace deal between Ukraine and Russia quickly evaporated after Russia’s President Putin threatened on Thursday to halt contracts supplying Europe with a third of its gas unless they are paid in roubles as Ukraine prepared for more attacks.
- U.S. imposed new Russia-related sanctions, and President Biden launched the largest release ever from the country’s emergency oil reserve and challenged oil companies to drill more in a bid to lower gasoline prices that have soared during the war in Ukraine.
Market Views
- Asian shares fell on Friday morning following the biggest quarterly drop in global equities in two years, as investors worried about the impact of the Russian-Ukrainian war and rising risks of recession. Hang Seng index fell 88 points and Nikkei 225 index slid 203 points.
- China’s worst COVID-19 outbreak since the start of the pandemic prompted the city of Shanghai to extend a lockdown and a retreat in U.S.-listed Chinese stocks is also dampening market sentiment.
Dow Jones Index
(CFD Symbol: US30)
Trend:
Recommendation: Long @ 34,875
Last: 34,843
Target price: 35,850
Protective stop: 34,300
Outlook
Price reached a high at 35,384 three days ago. A retracement towards the 20EMA at 34,490 is likely, and this could provide a good entry level for further rally if price able to maintain above the 20EMA. Both Stochastic and MACD are bullish.
Trading Idea
Buy 34,875 for 35,850 with a stop below 34,300. Entry order was filled on 31 Mar
Hang Seng Index
(CFD Symbol: HK50)
Trend:
Recommendation:
Last: 21,865
Target price:
Protective stop:
Outlook
Price is consolidating within a Triangle pattern, with the upper edge coinciding with the gap resistance. 20EMA is flat, but has turned green, hinting at potential breakout ahead. Both MACD and Stochastic are bullish. We are likely to see price breaking out from the Triangle to move higher.
Trading Idea.
Wait for better trading idea
Nasdaq 100 Index
(CFD Symbol: USTec)
Trend:
Recommendation:
Last: 14,925
Target price:
Protective stop:
Outlook
Price is trading near to its previous price high resistance level. A Bearish Harami candlestick pattern was confirmed last night, and we are likely to see a price correction towards 20EMA at 14,510. Both Stochastic and MACD are bullish.
Trading Idea
Wait for better trading idea.
S&P 500 Index
(CFD Symbol: US500)
Trend:
Recommendation:
Last: 4626
Target price:
Protective stop:
Outlook
Price is trading at its previous price high resistance zone. A Bearish Harami candlestick pattern was confirmed last night, and we could see a correction towards 20EMA at 4470. Both Stochastic and MACD remain bullish
Trading Idea
Buy 4455 with a stop below 4410 for 4635.
