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Daily Market Report

Oil Rises as U.S. Inventories Plunge

July 30, 2020

U.S. Stock Market

Pivot : 10,530 Last : 10,650

Review:

U.S. indices finished higher yesterday, driven by gains in the Oil & Gas, Financials and Industrials sectors. The Dow Jones rose by 0.61%, the S&P 500 put on 1.24%, and the NASDAQ Composite added 1.35% to its value.

Technical comment:

The NASDAQ 100 RSI advocates for further advance.

Preference scenario:

Long positions above 10,530 with targets at 10,780 and 10,890 in extension.

Alternative scenario:

Below 10,530, look for further downside with 10,450 and 10,300 as targets.

Resistance 10,780 10,890 11,000
Support 10,530 10,450 10,300

PayPal (PYPL)

Pivot : 164.80 Last : 177.98

Review:

PayPal shares rose 4.73% as the company beat estimates with an 86% profit jump attributed to changes in spending habits during the pandemic.

Technical comment:

The RSI is above its neutrality area at 50 and the MACD is positive. Moreover, the stock is above its 20 and 50-day Moving Averages (at 175.53 and 164.49 respectively).

Preference scenario:

As long as 164.80 is the support look for 196.10.

Alternative scenario:

A downside breakout below 164.80 would call for 155.30 and 149.60.

Resistance 196.10 202.00 207.90
Support 164.80 153.30 149.60

Gold

Pivot : 1,950.75 Last : 1,967.14

Review:

Gold rose for the ninth day in row, by 0.60%.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

Long positions above 1,950.75 with targets at 1,981 and 1,993 in extension.

Alternative scenario:

Below 1,950.75, look for further downside with 1,941 and 1,931 as targets.

Resistance 1,981.00 1,993.00 2,000.00
Support 1,950.00 1,941.00 1,931.00

Oil

Pivot : 41.57 Last : 41.27

Review:

Oil prices rose by 0.71% as inventories came in better than expected at -10.6M vs. 1.0M forecast.

Technical comment:

As long as 41.57 is the resistance, looks for choppy price action with a bearish bias.

Preference scenario:

Short positions below 41.57 with targets at 41.08 and 40.85 in extension.

Alternative scenario:

Above 41.57, look for further upside with 41.90 and 42.10 as targets.

Resistance 41.57 41.90 42.10
Support 41.08 40.85 40.60

EUR/USD

Pivot : 1.1750 Last : 1.1765

Review:

The EUR/USD rose by 0.65% with German Import Prices coming in better than expected at 0.6%.

Technical comment:

The immediate trend remains upward but the momentum is weak.

Preference scenario:

Long positions above 1.1750 with targets at 1.1805 and 1.1830 in extension.

Alternative scenario:

Below 1.1750, look for further downside with 1.1735 and 1.1720 as targets.

Resistance 1.1805 1.1830 1.1860
Support 1.1750 1.1735 1.1720

GBP/USD

Pivot : 1.2935 Last : 1.2961

Review:

The GBP/USD rose by 0.49% after positive Mortgage Approvals and Net Lending to Individuals data.

Technical comment:

The RSI is mixed and calls for caution.

Preference scenario:

Long positions above 1.2935 with targets at 1.3015 and 1.3060 in extension.

Alternative scenario:

Below 1.2935, look for further downside with 1.2900 and 1.2865 as targets.

Resistance 1.3015 1.3060 1.3115
Support 1.2935 1.2900 1.2865

Disclaimer: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.