Friday, 27 March 2015

US Stock Market Technical Analysis and Forecast Friday, March 27 2015

US Stock Market Technical Analysis

US Stock market registered its fourth consecutive decline on Thursday with all major sectors ending up in red. The Dow Jones industrial average lost 41 points or 0.23% to close at 17678, the NASDAQ Composite lost 14 points or 0.28% to close the day at 4963 and the S&P 500 index lost 5 points or 0.25% to end the session at 2056. Final GDP data is due on Friday which is expected to come positive for the economy to help support the falling stock market.
Stock to watch today : Cerner Corp
Recommendation   :            Buy Above $73.00
Target                     :             $75.50

Cerner Corp is overall in consolidate trend and is sustaining at higher levels on chart. Traders can buy the stock above the level of $73.00 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 $75.50.

Stock is in bullish trend for near term and price is taking support above the trend line on daily chart. Near term breach of major resistance level of $73.00 is expected which would trigger further bullish sentiment in the stock to test the levels of $75.50.

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.