Daily Market Report: May 17, 2022

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May 17, 2022

US stocks mixed; Oil drops

US Stock Market

Last: 12

Pivot: 12

Review:

US equities were mixed on Monday. At the close in NYSE, the Dow Jones Industrial Average gained 0.08%, while the S&P 500 index fell 0.39%, and the NASDAQ Composite index lost 1.20%.

Technical comment:

The RSI is around its neutrality area at 50%.

Preference scenario:

For long positions above 12070.00, check out fresh targets at 12720.00 and 12960.00 in extension.

Alternative scenario:

If the rate moves below 12070.00, look for a further downside with 11690.00 and 11440.00 as targets.

Resistance 12 12 13
Support 12 11 11
US stocks mixed; Oil drops
USD/CAD

Last: 1.2829

Pivot: 1.2875

Review:

The USD/CAD pair is oscillating below 1.2850 after a sheer downside fall from a high of 1.3076 published last week.

Technical comment:

The RSI lacks upward momentum.

Preference scenario:

Should the rate slide below 1.2875, look for targets at 1.2805 and 1.2770 in extension.

Alternative scenario:

In the event of a price rise above 1.2875, look for a further upside with 1.2915 and 1.2950 as targets.

Resistance 1.2875 1.2915 1.295
Support 1.2805 1.277 1.274
US stocks mixed; Oil drops
Gold

Last: 1,825

Pivot: 1,810.00

Review:

Gold price (XAU/USD) is establishing itself above $1,820.00 after finding an intense responsive buying action below the psychological support of $1,800.00 on Friday.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

For long positions above 1810.00, discover new targets at 1832.00 and 1844.00 in extension.

Alternative scenario:

Should the rate slide below 1810.00, look for a further downside with 1802.00 and 1795.00 as targets.

Resistance 1,832 1,844 1,858.00
Support 1,810.00 1,802.00 1,795
US stocks mixed; Oil drops
Oil

Last: 114.20

Pivot: 111.3

Review:

Crude oil fell by 52 cents, or 0.5%, to the rate of $113.68 a barrel.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

If the rate moves above 111.30, look for targets at 115.50 and 117.50 in extension.

Alternative scenario:

If the price moves below 111.30, look for a further downside with 109.80 and 108.00 as targets.

Resistance 115.50 117.50 120
Support 111.3 109.8 108.00
US stocks mixed; Oil drops
EUR/USD

Last: 1.0446

Pivot: 1.0420

Review:

The EUR/USD pair is displaying back and forth moves in a tight range of 1.0428-1.0443 after a modest upside move from a low of 1.0354 last week.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

In the event of a price decline below 1.0420, look for a further downside with 1.0400 and 1.0385 as targets.

Alternative scenario:

If the price climbs above 1.0420, look for targets at 1.0460 and 1.0480 in extension.

Resistance 1.046 1.048 1.05
Support 1.042 1.04 1.0385
US stocks mixed; Oil drops
GBP/USD

Last: 1.2341

Pivot: 1.23

Review:

GBP/USD grinds higher past 1.2300, keeping the two-day recovery moves from the lowest levels since mid-2020.

Technical comment:

The break above 1.2300 is a positive signal that has opened a path to 1.2360.

Preference scenario:

For long positions above 1.2300, find new targets at 1.2360 and 1.2390 in extension.

Alternative scenario:

Should the rate drop below 1.2300, look for a further downside with 1.2270 and 1.2235 as targets.

Resistance 1.236 1.239 1.242
Support 1.23 1.227 1.2235
US stocks mixed; Oil drops

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