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. Stock Market

Last: 11,990

Pivot: 12,045

Review:

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.

Technical comment:

The NASDAQ 100 RSI is mixed to bearish.

Preference scenario:

Short positions below 12,045.00 with targets at 11,780.00 & 11,570.00 in extension.

Alternative scenario:

Above 12,045.00, look for further upside with 12,270.00 & 12,410.00 as targets.

Resistance 12,045 12,270 12,410
Support 11,780 11,570 11,360
Gold & Oil Drop as Covid-19 Is Setting Market Trends
Tesla (TSLA)

Last: 496.59

Pivot: 484.8

Review:

Tesla shares rose by 2.60% ahead of its December debut in the S&P 500.

Technical comment:

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).

Preference scenario:

As long as 484.8 is support, look for 528.4.

Alternative scenario:

The downside breakout of 484.8 would call for 470 and 461.4.

Resistance 528.4 537.2 546
Support 484.4 470 461.4
Gold & Oil Drop as Covid-19 Is Setting Market Trends
Gold

Last: 1,863

Pivot: 1,869

Review:

Gold fell by 0.44%, with good news about a potential vaccine causing gold to test June lows.

Technical comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

Preference scenario:

Short positions below 1869.00 with targets at 1852.00 & 1845.00 in extension.

Alternative scenario:

Above 1869.00, look for further upside with 1875.00 & 1884.00 as targets.

Resistance 1,869 1,875 1,884
Support 1,852 1,845 1,839
Gold & Oil Drop as Covid-19 Is Setting Market Trends
Oil

Last: 41.65

Pivot: 41.25

Review:

Oil prices fell by 0.43% as low demands are continuing due to many lockdowns around the world.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

Long positions above 41.25 with targets at 42.15 & 42.65 in extension.

Alternative scenario:

Below 41.25, look for further downside with 40.80 & 40.35 as targets.

Resistance 42.15 42.65 42.95
Support 41.25 40.80 40.35
Gold & Oil Drop as Covid-19 Is Setting Market Trends
EUR/USD

Last: 1.1867

Pivot: 1.1845

Review:

The EUR/USD rose by 0.11% as Current Account came with good result at 25.2B vs. 18.1B forecast.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

Long positions above 1.1845 with targets at 1.1890 & 1.1905 in extension.

Alternative scenario:

Below 1.1845, look for further downside with 1.1830 & 1.1815 as targets.

Resistance 1.1890 1.1905 1.1920
Support 1.1845 1.1830 1.1815
Gold & Oil Drop as Covid-19 Is Setting Market Trends
GBP/USD

Last: 1.3249

Pivot: 1.3220

Review:

The GBP/USD fell by 0.17% ahead of the Retail Sales report which is expected to decline today.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 1.3220 with targets at 1.3280 & 1.3310 in extension.

Alternative scenario:

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

Resistance 1.3280 1.3310 1.3330
Support 1.3220 1.3195 1.3165
Gold & Oil Drop as Covid-19 Is Setting Market Trends

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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