Daily Market Report: November 18, 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 18, 2020

Mid-Week Market Moves

U.S. Stock Market

Last: 12,011.95

Pivot: 11,780

Review:

U.S. stocks were lower after the close on Tuesday, as losses in the Utilities, Healthcare and Basic Materials sectors pushed the market down. At the close in NYSE, the Dow Jones Industrial Average fell 0.65%, while the S&P 500 index lost 0.55%, and the NASDAQ Composite index declined 0.27%.

Technical comment:

The NASDAQ 100 RSI is mixed to bullish.

Preference scenario:

Long positions above 11,780.00 with targets at 12,045.00 & 12,270.00 in extension.

Alternative scenario:

Below 11,780.00, look for further downside with 11,570.00 & 11,360.00 as targets.

Resistance 12,045 12,270 12,410
Support 11,780 11,570 11,360
Mid-Week Market Moves
Walmart (WMT)

Last: 36.04

Pivot: 38.3

Review:

Walmart fell 2% despite reporting earnings and revenue that topped consensus estimates, led by ongoing strength in its e-commerce business.

Technical comment:

The RSI is above its neutrality area at 50.

Preference scenario:

The upside prevails as long as 145.7 is support.

Alternative scenario:

Below 145.7, expect 141.3 and 138.6.

Resistance 38.3 40.6 42
Support 31.8 30.4 29.1
Mid-Week Market Moves
Gold

Last: 1,882.50

Pivot: 1,891

Review:

Gold futures logged their first loss in four sessions on Tuesday. Prices eased back from recent gains after failing to breach the key $1,900-an-ounce mark.

Technical comment:

As long as 1891.00 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

Short positions below 1891.00 with targets at 1872.00 & 1864.00 in extension.

Alternative scenario:

Above 1891.00, look for further upside with 1899.00 & 1905.00 as targets.

Resistance 1,891 1,899 1,905
Support 1,872 1,864 1,855
Mid-Week Market Moves
Oil

Last: 41.27

Pivot: 40.85

Review:

Crude Oil WTI Futures, the U.S. benchmark for oil slipped 0.3% after settling 0.2% higher at $41.43 per barrel.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 40.85 with targets at 41.70 & 42.10 in extension.

Alternative scenario:

Below 40.85, look for further downside with 40.55 & 40.05 as targets.

Resistance 41.70 42.10 42.55
Support 40.85 40.55 40.05
Mid-Week Market Moves
EUR/USD

Last: 1.1862

Pivot: 1.1880

Review:

The EUR/USD pair hit a weekly high of 1.1893, losing momentum during US trading hours, to settle in the current 1.1860 price zone.

Technical comment:

The RSI calls for a drop.

Preference scenario:

Long positions above 1.1880 with targets at 1.1895 & 1.1910 in extension.

Alternative scenario:

Below 1.1880, look for further downside with 1.1840 & 1.1825 as targets.

Resistance 1.1880 1.1895 1.1910
Support 1.1840 1.1825 1.1810
Mid-Week Market Moves
GBP/USD

Last: 1.3260

Pivot: 1.3220

Review:

The Sterling accelerated its rebound from a low last week at 1.3100 and returned above 1.3200 and reached a record high at 1.3270.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

Long positions above 1.3220 with targets at 1.3290 & 1.3310 in extension.

Alternative scenario:

Below 1.3220, look for further downside with 1.3195 & 1.3165 as targets.

Resistance 1.3290 1.3310 1.3335
Support 1.3220 1.3195 1.3165
Mid-Week Market Moves

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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