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Wall Street Wednesday Technical Trade Note – 27 February 2019

/
Barry Dumas
Wall-Street-Wednesday

As the second summit kicks of between U.S President Donald Trump and the North Korean leader Kim Jong Un, all eyes focus on Hanoi for any news that might impact the markets.

  • The second summit is scheduled over the next two days in the Vietnamese capital of Hanoi. The first historic meeting between the two superpowers were held back in June 2018 where the North Korean leader pledged to denuclearize North Korea.

Economic data that might affect the price action today:

  • Federal Reserve Chair Jerome Powell Testifies at 17:00 SAST.
  • Crude Oil Inventories at 17:30 SAST.

Let's have a look at the technical charts for the Wall Street 30:

Wall Street 30

  • Our target price of 25991 was reached as per the previous Wall Street Wednesday note and just fell short of reaching the higher possible target at the 26294 level.

Looking at the Daily Chart of Wall Street 30 below, we can see the price action is turning and moving lower. A possible target price lower might be 25592 if the bears take control and we do not get any positive news from the Trump and Kim meeting.

  • Take note: we might see the pullback to lower level escalate if any negative news feeds through to the U.S markets over the following two days.

Wall Street 30 Technical Analysis

Source – MetaTrader5

 

 

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