6 October 2020 (7:59 am IST)
5 October 2020 (10:28 pm EDT)
World stock markets are continuing with their uptrend of this week.
US stock markets rallied in their overnight session, as expected, as President Trump returned to the White House from the Walter Reed hospital where he was undergoing treatment for Covid-19.
Dow Jones added 465 points in its rally. Nasdaq went up by more than 2%. On technical charts, major these major indexes are making a positive monthly, weekly, and daily candlesticks. Monthly candlesticks are range bound but daily candlesticks are making “higher low” pattern which signals more gains to come.
World stock markets follow the trend in US stock markets so global stocks are trading positive in the Asia session today.
At this hour, all major Asian stock markets are in the green. SGX Nifty is up by 40 points, indicating another gap up opening for Indian stock markets. US and European stock futures are also positive, adding to their previous gains.
How to Day Trade:
- The weekly trend in positive in global stocks.
- That gives intraday trend a push towards higher side.
- Day traders should wait for the right moment to start trading with the trend line.
- This would be when the price dips, touches the trendline, and then bounces up. This will be the moment to start long trades.
- To exit, wait for the price to break the trend line. This would be the correct moment to book your profits.
World stock markets have been trading positive this whole week and inching up towards the previous range top. Trending markets are good for day trading and traders should take advantage of this minor uptrend as long as the trendline continues going up without any hurdle.