Daily Market Report: November 22, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

US stocks up; Oil extends losses

US Stock Market (Nasdaq 100)

Last: 16,568

Pivot: 15,900

Review:

Stock futures rose slightly in overnight trading on Sunday ahead of the holiday-shortened week, a historically seasonally strong period for Wall Street. Futures on the Dow Jones Industrial Average gained 55 points. S&P 500 futures edged up 0.1% and Nasdaq 100 futures climbed 0.20% at the time of writting.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

For long positions above 15900.00, look for targets at 17171.00 and 17600.00 in extension.

Alternative scenario:

Should the price drop below 15900.00, look for a further downside with 15330.00 and 14900.00 as targets.

Resistance 17,171 17,600 17,800
Support 15,900 15,330 14,900
US stocks up; Oil extends losses
USD/CAD

Last: 1.2653

Pivot: 1.262

Review:

The USD/CAD finished at its highest level in seven weeks as new Covid restrictions in Europe drove a US dollar safety rally on Friday. The currency pair is trading at 1.2645, at the time of writing.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

A buy opportunity could arise if the price surpasses 1.2620, with targets at 1.2680 and 1.2700 in extension.

Alternative scenario:

In the event of a downside breakout below 1.2620, look for a further downside with 1.2600 and 1.2580 as targets.

Resistance 1.268 1.27 1.272
Support 1.262 1.26 1.258
US stocks up; Oil extends losses
Gold

Last: 1,843.8

Pivot: 1,856

Review:

The price of gold is lower despite the risk-off mood. XAU/USD ended on Friday down some 0.29% falling from a high of $1,865.83 to a low of $1,846.65, at the time of writing.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

For short positions below 1856.00, the next targets could be at 1835.00 and 1826.00 in extension.

Alternative scenario:

If there ois a price rise above 1856.00, look for a vfurther upside with 1864.00 and 1871.00 as targets.

Resistance 1,856 1,864 1,871
Support 1,835 1,826 1,818
US stocks up; Oil extends losses
Oil

Last: 75.4

Pivot: 76.8

Review:

US crude prices dropped in early trade on Monday extending big losses on Friday, after Japan said on the weekend it was considering releasing oil reserves to help dampen prices. Crude futures were down 65 cents, or 0.9%, at $75.75 a barrel.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

For short positions below 76.80, look for next targets at 74.70 and 73.60 in extension.

Alternative scenario:

Should the price climb above 76.80, look for a further upside with 77.50 and 78.40 as targets.

Resistance 76.8 77.5 78.4
Support 74.7 73.6 72.7
US stocks up; Oil extends losses
EUR/USD

Last: 1.1271

Pivot: 1.132

Review:

EUR/USD is on the back foot as the market looks for safer havens due to the covid concerns sweeping through Europe. The pair hit a 16-month low amid the COVID surge while expectations have also grown that the European Central Bank will be lagging with regards to interest rate hikes compared to other central banks. At the time of writing, the currency pair is trading at 1.1288

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

A sell opportunity could emerge if the price falls below 1.1320, with targets at 1.1240 and 1.1210 in extension.

Alternative scenario:

If the rate surpasses 1.1320, look for a further upside with 1.1340 and 1.1360 as targets.

Resistance 1.132 1.134 1.136
Support 1.124 1.121 1.119
US stocks up; Oil extends losses
GBP/USD

Last: 1.3429

Pivot: 1.346

Review:

The GBP/USD traded lower on Sunday night, trading at 1.3443.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

For short positions below 1.3460, look for targets at 1.3400 and 1.3380 in extension.

Alternative scenario:

In the scenari where the price rises above 1.3460, look for a further upside with 1.3480 and 1.3500 as targets.

Resistance 1.346 1.348 1.35
Support 1.34 1.338 1.335
US stocks up; Oil extends losses

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. 1Market 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. 1Market cannot be held liable for any information provided by Trading Central. 1Market 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 1Market, a third party or otherwise.

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