Daily Market Report: November 19, 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 19, 2020

Good News for Pfizer, Bad News for the Rest of the Market?

U.S. Stock Market

Last: 3,567

Pivot: 3,615

Review:

U.S. stocks finished low as investors are worried from another lockdown despite vaccine hope. The Dow Jones fell by 1.16%, the S&P 500 declined by 1.16% and the NASDAQ lost 0.82% from its value.

Technical comment:

The S&P 500 RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 3615.00 with targets at 3552.00 & 3518.00 in extension.

Alternative scenario:

Above 3615.00, look for further upside with 3645.00 & 3690.00 as targets.

Resistance 3,615 3,645 3,690
Support 3,552 3,518 3,485
Good News for Pfizer, Bad News for the Rest of the Market?
Pfizer (PFE)

Last: 36.32

Pivot: 34.6

Review:

Pfizer shares rose by 0.78% after the company announced its plans to start delivery of the vaccine before Christmas.

Technical comment:

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50 day MA (respectively at 35.21 and 34.71).

Preference scenario:

The upside prevails as long as 34.6 is support.

Alternative scenario:

Below 34.6, expect 32.3 and 31.

Resistance 41.5 42.8 44.2
Support 34.6 32.3 31
Good News for Pfizer, Bad News for the Rest of the Market?
Gold

Last: 1,870

Pivot: 1,884

Review:

Gold fell by 0.12%, as optimism for the vaccine is shifting investors towards the dollar.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 1884.00 with targets at 1864.00 & 1855.00 in extension.

Alternative scenario:

Above 1884.00, look for further upside with 1892.00 & 1899.00 as targets.

Resistance 1,884 1,892 1,899
Support 1,864 1,855 1,848
Good News for Pfizer, Bad News for the Rest of the Market?
Oil

Last: 41.79

Pivot: 42.35

Review:

Oil prices rose by 0.82% after the Crude Oil Inventories report came better than expected at 0.8M vs. 1.7M forecast.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 42.35 with targets at 41.45 & 41.10 in extension.

Alternative scenario:

Above 42.35, look for further upside with 42.65 & 43.00 as targets.

Resistance 42.35 42.65 43
Support 41.45 41.10 40.80
Good News for Pfizer, Bad News for the Rest of the Market?
EUR/USD

Last: 1.1851

Pivot: 1.1875

Review:

The EUR/USD fell yesterday by 0.13% with Final CPI and Final Core CPI coming at -0.3% and 0.2% respectively.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 1.1875 with targets at 1.1835 & 1.1820 in extension.

Alternative scenario:

Above 1.1875, look for further upside with 1.1890 & 1.1910 as targets.

Resistance 1.1875 1.1890 1.1910
Support 1.1835 1.1820 1.1800
Good News for Pfizer, Bad News for the Rest of the Market?
GBP/USD

Last: 1.3263

Pivot: 1.3290

Review:

The GBP/USD rose by 0.08% as a Brexit deal with the EU is closer than ever.

Technical comment:

The RSI advocates for further downside.

Preference scenario:

Short positions below 1.3290 with targets at 1.3235 & 1.3220 in extension.

Alternative scenario:

Above 1.3290, look for further upside with 1.3310 & 1.3330 as targets.

Resistance 1.3290 1.3310 1.3330
Support 1.3235 1.3220 1.3200
Good News for Pfizer, Bad News for the Rest of the Market?

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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