Friday, 6 February 2015

WallStreet Overview as on Friday, February 06 2015

US equity market ended the Thursday session on a positive note with rebound in oil prices and upbeat quarterly earnings. The Dow Jones industrial average gained 212 points or 1.20% to close at 17885, the Nasdaq Composite gained 48 points or 1.02% to close at 4765 while the S&P 500 index gained 21 points or 1.05% to end the session at 2063. Employment rate data is due on Friday, which is expected to come positive for the economy to help continue its recent bullish trend.

Stock pick of the Day : CONCOPHILLIPS

Recommendation   :           Buy above $68.00
Target                    :           $70.50


Consophillips is overall in consolidate trend and is sustaining at higher levels on chart. Traders can buy the stock above the level of $68.00 which is a near term resistance level for the stock and if it manages to breach this level further bullish movement is expected in this stock to test the levels of $70.50.


Stock is in bullish trend for near term and price is sustaining above resistance trend line with the expectation of level breakout on daily chart. Near term breach of major resistance level of $68.00 is expected which would trigger further bullish sentiment in the stock to test the levels of $70.50.

RSI is trading with positive bias and is sustaining above the level of 50.
In MACD signal line is sustaining above MACD line which is indicating bullish sentiment in the stock.