Daily Market Report: January 11, 2021

Review:

U.S. stock market showed mixed figures after the close on Friday, as gains in the Consumer Goods, Utilities and Technology sectors led shares higher, while losses in the Telecoms, Basic Materials and Industrials sectors pushed stocks in the opposite direction. At the close in NYSE, the Dow Jones Industrial Average declined 0.06%, while the S&P 500 index added 0.26% to its value, and the NASDAQ Composite index gained 0.61%.

Technical comment:

The NASDAQ 100 RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 12,170.00 with targets at 13,100.00 & 13,800.00 in extension.

Alternative scenario:

Below 12,170.00, look for further downside with 11,500.00 & 10,960.00 as targets.

Resistance	13,100	13,800	14,000
Support	12,170	11,500	10,960

Review:

The Canadian dollar rose to close at 1.2697.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 1.2685 with targets at 1.2745 & 1.2775 in extension.

Alternative scenario:

Below 1.2685, look for further downside with 1.2660 & 1.2630 as targets.

Resistance	1.2745	1.2775	1.278
Support	1.2685	1.266	1,827

Review:

Gold traded higher on Thursday, closing at 1914.23.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 1856.00 with targets at 1800.00 & 1775.00 in extension.

Alternative scenario:

Above 1856.00, look for further upside with 1877.00 & 1894.00 as targets.

Resistance	1,856	1,877	1,894
Support	1,800	1,775	1,765

Review:

New York-traded West Texas Intermediate, the key indicator for U.S. crude, did a final trade of $52.61 per barrel, after settling Friday’s official session up $1.41, or 2.8%, at $52.24 per barrel. For the week, WTI rose $3.72, or nearly 7.7%, for the biggest weekly gain since November.

Technical comment:

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

Preference scenario:

Long positions above 51.40 with targets at 52.75 & 53.45 in extension.

Alternative scenario:

Below 51.40, look for further downside with 50.90 & 50.45 as targets.

Resistance	52.75	53.45	54.15
Support	51.4	50.9	50.45

Review:

EUR/USD fell 0.1% to 1.2262, after earlier reaching an almost three-year high of 1.2346.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 1.2230 with targets at 1.2135 & 1.2115 in extension.

Alternative scenario:

Above 1.2230, look for further upside with 1.2255 & 1.2285 as targets.

Resistance	1.223	1.2255	1.2285
Support	1.2135	1.2115	1.21

Review:

The GBP/USD pair climbed 0.1% to 1.3579.

Technical comment:

A break below 1.3500 would trigger a drop towards 1.3460.

Preference scenario:

Short positions below 1.3545 with targets at 1.3500 & 1.3460 in extension.

Alternative scenario:

Above 1.3545, look for further upside with 1.3590 & 1.3630 as targets.

Resistance	1.3545	1.359	1.363
Support	1.35	1.346	1.343