Daily Market Report: November 16, 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.

November 16, 2020

Market Wars: A New Hope?

U.S. Stock Market

Last: 3,581.14

Pivot: 3,515

Review:

U.S. stock futures rose on Sunday night as traders assessed a sharp market rotation that led to a mixed weekly performance last week.

Technical comment:

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

Preference scenario:

Long positions above 3515.00 with targets at 3745.00 & 3900.00 in extension.

Alternative scenario:

Below 3515.00, look for further downside with 3390.00 & 3210.00 as targets.

Resistance 3,745 3,900 4,070
Support 3,515 3,390 3,210
Market Wars: A New Hope?
Pfizer (PFE)

Last: 38.62

Pivot: 36

Review:

Investors are suddenly more optimistic on the global economic outlook after upbeat news on the Pfizer vaccine early last week.

Technical comment:

The RSI is above 50.

Preference scenario:

The upside prevails as long as 36 is support.

Alternative scenario:

Below 36, expect 33.7 and 32.5.

Resistance 42.7 44 45.4
Support 36 33.7 32.5
Market Wars: A New Hope?
Gold

Last: 1,890

Pivot: 1,880

Review:

New York-traded gold for December delivery did a final trade of $1,888.35, after settling the official session at $1,886.20, up 0.7%.

Technical comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

Preference scenario:

Long positions above 1880.00 with targets at 1900.00 & 1912.00 in extension.

Alternative scenario:

Below 1880.00, look for further downside with 1873.00 & 1867.00 as targets.

Resistance 1,900 1,912 1,921
Support 1,880 1,873 1,867
Market Wars: A New Hope?
Oil

Last: 40.45

Pivot: 40.85

Review:

Crude oil with 8% advance, the largest since May.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

Short positions below 40.85 with targets at 40.10 & 39.40 in extension.

Alternative scenario:

Above 40.85, look for further upside with 41.35 & 41.90 as targets.

Resistance 40.85 41.35 41.90
Support 40.10 39.40 38.90
Market Wars: A New Hope?
EUR/USD

Last: 1.1845

Pivot: 1.1815

Review:

The EUR/USD pair finished the week with losses around 1.1830, although up on Friday for a second consecutive day.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

Long positions above 1.1815 with targets at 1.1860 & 1.1885 in extension.

Alternative scenario:

Below 1.1815, look for further downside with 1.1800 & 1.1780 as targets.

Resistance 1.1860 1.1885 1.1900
Support 1.1815 1.1800 1.1780
Market Wars: A New Hope?
GBP/USD

Last: 1.3212

Pivot: 1.3165

Review:

The GBP/USD pair is heading into the weekly opening, trading a few pips below the 1.3200 level.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

Long positions above 1.3165 with targets at 1.3230 & 1.3270 in extension.

Alternative scenario:

Below 1.3165 look for further downside with 1.3150 & 1.3135 as targets.

Resistance 1.3230 1.3270 1.3310
Support 1.3165 1.3150 1.3135
Market Wars: A New Hope?

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.

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