Wall Street Wednesday Technical Trade Note – 27 February 2019

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.

Source – MetaTrader5

Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.