Daily Market Report: November 20, 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 20, 2020
Gold & Oil Drop as Covid-19 Is Setting Market Trends
U.S. stocks finished in the green as gains in the Oil & Gas, Technology and Consumer Services sectors led shares higher. The Dow Jones rose by 0.15%, the S&P 500 climbed 0.39% and the NASDAQ added 0.87% to its value.
The NASDAQ 100 RSI is mixed to bearish.
Short positions below 12,045.00 with targets at 11,780.00 & 11,570.00 in extension.
Above 12,045.00, look for further upside with 12,270.00 & 12,410.00 as targets.
Tesla shares rose by 2.60% ahead of its December debut in the S&P 500.
The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. Prices could retrace in the short term. Tesla is above its 20 and 50 period MA (respectively at 494.88 and 459.09).
As long as 484.8 is support, look for 528.4.
The downside breakout of 484.8 would call for 470 and 461.4.
Gold fell by 0.44%, with good news about a potential vaccine causing gold to test June lows.
The RSI has just struck against its neutrality area at 50% and is reversing down.
Short positions below 1869.00 with targets at 1852.00 & 1845.00 in extension.
Above 1869.00, look for further upside with 1875.00 & 1884.00 as targets.
Oil prices fell by 0.43% as low demands are continuing due to many lockdowns around the world.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Long positions above 41.25 with targets at 42.15 & 42.65 in extension.
Below 41.25, look for further downside with 40.80 & 40.35 as targets.
The EUR/USD rose by 0.11% as Current Account came with good result at 25.2B vs. 18.1B forecast.
The RSI advocates for further upside.
Long positions above 1.1845 with targets at 1.1890 & 1.1905 in extension.
Below 1.1845, look for further downside with 1.1830 & 1.1815 as targets.
The GBP/USD fell by 0.17% ahead of the Retail Sales report which is expected to decline today.
The RSI is mixed with a bullish bias.
Long positions above 1.3220 with targets at 1.3280 & 1.3310 in extension.
Below 1.3220, look for further downside with 1.3195 & 1.3165 as targets.
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