Daily Market Report: October 23, 2020

Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.

October 23, 2020

Tesla reports Electric results, Gold & Oil – not so much

U.S. Stock Market

Last: 3,453

Pivot: 3,415

Review:

U.S. stocks were higher after the close on Thursday, as gains in the Oil & Gas, Telecoms and Healthcare sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 0.54%, while the S&P 500 index climbed 0.52%, and the NASDAQ Composite index added 0.19%.

Technical comment:

The S&P 500 RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 3415.00 with targets at 3480.00 & 3515.00 in extension.

Alternative scenario:

Below 3415.00 look for further downside with 3370.00 & 3325.00 as targets.

Resistance 3,480 3,515 3,550
Support 3,415 3,370 3,325
Tesla reports Electric results, Gold & Oil – not so much
Tesla (TSLA)

Last: 425.79

Pivot: 435.2

Review:

Tesla Inc. (NASDAQ:TSLA) eased from session highs to trade up 2% after the electric automaker said it was on track to 500,000 deliveries this year, and reported quarterly results that beat on both the top and bottom lines.

Technical comment:

The RSI is below its neutrality area at 50.

Preference scenario:

Under pressure below 435.2.

Alternative scenario:

Above 435.2, look for 441.2 and 445.

Resistance 435.2 441.2 445
Support 414.4 410.8 407.2
Tesla reports Electric results, Gold & Oil – not so much
Gold

Last: 1,904.19

Review:

Spot Gold, which reflects real-time trades in bullion, was down $20.10, or 1%, at $1,904.49 by 3:53.

Technical comment:

The upward potential is likely to be limited by the resistance at 1908.25.

Preference scenario:

Short positions below 1908.25 with targets at 1894.25 & 1888.75 in extension.

Alternative scenario:

Above 1908.25 look for further upside with 1914.25 & 1920.25 as targets.

Resistance 1,908.25 1,914.25 1,920.25
Support 1,894.25 1,888.75 1,882.25
Tesla reports Electric results, Gold & Oil – not so much
Oil

Last: 40.59

Pivot: 40.45

Review:

The Oil market came under pressure yesterday, and this has continued in early morning trading in Asia, with WTI breaking below US$40/bbl.

Technical comment:

The immediate trend is still aiming upwards, but the momentum is weak.

Preference scenario:

Long positions above 40.45 with targets at 41.00 & 41.20 in extension.

Alternative scenario:

Below 40.45 look for further downside with 40.00 & 39.70 as targets.

Resistance 41 41.2 41.55
Support 40.45 40 39.7
Tesla reports Electric results, Gold & Oil – not so much
EUR/USD

Last: 1.1808

Pivot: 1.1840

Review:

The greenback got to recover some ground this Thursday, appreciating against most of its major rivals. The EUR/USD pair fell to 1.1810 ahead of Wall Street closing.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 1.1840 with targets at 1.1790 & 1.1760 in extension.

Alternative scenario:

Above 1.1840 look for further upside with 1.1865 & 1.1880 as targets.

Resistance 1.1840 1.1865 1.1880
Support 1.1790 1.1760 1.1740
Tesla reports Electric results, Gold & Oil – not so much
GBP/USD

Last: 1.3070

Pivot: 1.3120

Review:

GBP/USD is currently trading at 1.3092 and is down some 0.36% at the time of writing on Brexit woes.

Technical comment:

The RSI advocates for further downside.

Preference scenario:

Short positions below 1.3120 with targets at 1.3040 & 1.3010 in extension.

Alternative scenario:

Above 1.3120 look for further upside with 1.3150 & 1.3175 as targets.

Resistance 1.3120 1.3150 1.3175
Support 1.3040 1.3010 1.2790
Tesla reports Electric results, Gold & Oil – not so much

Customer Notice: 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.

Trade with a Licenced Broker

Trade360.com

Licenced by CySEC

Our EU client portal, operated by CrowdTech Ltd. under CySEC Regulation, license number 202/13.

Trade360.com.au

Licenced by ASIC

Our Australian client portal, operated by Sirius Financial Markets Pty Ltd. under ASIC regulation, license number 439907.

Trade360.finance

Our global client portal, operated by ST Services Ltd.

Search

RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.7% of retail investor accounts lose money when trading CFDs with Trade360. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Learn more about managing risks.