Gianni's Technical Analysis Suggests Potential Long Trade Setup Ahead of Major Red News

Gianni's technical analysis suggests a potential long trade setup ahead of major news on May 14, 2024. The Biden administration is expected to announce new tariffs on Chinese imports, affecting global markets and trade policies.

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Bijay Laxmi
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Gianni's Technical Analysis Suggests Potential Long Trade Setup Ahead of Major Red News

Gianni's Technical Analysis Suggests Potential Long Trade Setup Ahead of Major Red News

Gianni's technical analysis of the market suggests a potential long trade setup, anticipating a dump and pump above the previous high or closing price. This setup is expected to occur ahead of major red news scheduled for May 14, 2024.

Why this matters: The potential long trade setup and impending major red news could have significant implications for global markets and trade policies, potentially affecting investors and consumers worldwide. As the Biden administration prepares to announce new tariffs on Chinese imports, themarket's reaction could set a precedent for future trade negotiations.

World stocks were mixed on Monday, May 13, 2024, after Wall Street coasted to the close of another winning week. European markets were little changed, while Asian stocks were mostly lower due to weak Chinese lending data and news of the U.S. government planning to raise tariffs on Chinese exports.

Britain's FTSE 100 rose 0.1% to 8,444.23, while Germany's DAX edged down by 2.40 to 18,770.45. The CAC 40 in Paris lost 0.1% to 8,210.88. In Asia, Japan's Nikkei 225 shed 0.1% to 38,179.46, and Hong Kong's Hang Seng rose 0.8% to 19,108.78. The Shanghai Composite index was 0.2% lower, at 3,148.02.

The Biden administration is expected to announce on Tuesday that it will raise tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China. Tariffs on electric vehicles could quadruple from 25% to 100%.

China's inflation data rose for a third straight month in April, while the producer price index declined for a 19th month. New loans fell to 730 billion yuan ($100 billion) in April from 3.09 trillion yuan in March.

A discouraging report on U.S. consumer sentiment showed sentiment among U.S. consumers is weakening by much more than economists expected, with consumers forecasting inflation of 3.5% in the upcoming year, up from their forecast of 3.2% a month earlier.

As Gianni's technical analysis points to a potential long trade setup, the market faces a mix of economic data and geopolitical developments. The anticipated dump and pump above previous levels, ahead of the major red news on May 14, 2024, could present opportunities for traders navigating the complex market landscape.

Key Takeaways

  • Gianni's analysis suggests a potential long trade setup ahead of major news on May 14, 2024.
  • Biden administration to announce new tariffs on Chinese imports, potentially affecting global markets.
  • World stocks mixed on May 13, 2024, with Asian markets lower due to weak Chinese lending data.
  • US consumer sentiment weakens, with forecasted inflation rising to 3.5% in the next year.
  • Tariffs on electric vehicles from China could quadruple from 25% to 100%.