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Wall Street Wednesday Technical Trade Note – 06 March 2019

/
Barry Dumas
Wall-Street-Wednesday

The Asian markets are rangebound as market participants await the outcome of the U.S-China Trade negotiations and another busy week for the U.S markets.

  • With the Trade Negotiations optimism waning, Trade Balance data today and the Non-Farm Payrolls on Friday the U.S markets are set for another volatile week.

Economic data that might affect the price action today:

  • ADP Non-Farm Employment change at 15:15 SAST.
  • Trade Balance (Dec) at 15:30 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

The short-term pullback was expected as highlighted in the previous Wall Street Wednesday Note and there might be more downside to come if Jobs numbers disappoint on Friday.

Looking at the Daily Chart of the Wall Street 30 index we can see our previous target price lower was just missed at 25592 which is the current support level to watch. A possible target price higher might be at 26294 if all fundamental factors playout on a positive note.

  • Take note: we might see the price action move lower still if the Jobs number disappoints on Friday which might see the price target 25199.

CH1

Source – MetaTrader5

 

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