Daily Market Report - Wed, April 20, 2022

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The electric vehicle leader, Tesla Inc (NASDAQ: TSLA) is scheduled to announce first-quarter financial results on Wednesday, Apr 20 after market close. Consensus forecast EPS of $2.26 on revenue of $17.8 Billion. For the first quarter of 2022, Tesla delivered 310,048 units – 68 per cent more than it achieved in the same period of 2021.

Tesla stock closed above $1000 on Tuesday while recently the stock faced some downside pressure after the Tesla CEO Elon Musk’s offer to buy Twitter for $43 million in cash to take the company private.

EQUITIES

Wall Street ended higher on Tuesday supported by stronger-than-expected US housing economic data. While the US futures traded flat during the Wednesday Asian session after the disappointing earnings results from the streaming giant Netflix. Netflix shares plummeted more than 25% in after-hours trading Tuesday.

OIL

Crude oil futures slightly recovered from the previous session's losses following the release of API inventory data. The data showed the US crude inventories declined 4.496 million barrels in the week ended April 15th, compared to market expectations of a 2.533 million increase.

CURRENCIES

In the currency market, the Euro regains modest upside momentum against the US dollar and the British pound. Commodity-linked currencies such as the Australian and Canadian dollars inched toward the fresh session highs.

GOLD

The precious metal plunged to a fresh weekly low of $1940 on Wednesday. The gold traders should continue to monitor the fresh updates in the Russia-Ukraine war and the FED policymakers' comments today.

Economic Outlook

On the data front, US housing starts rose 0.3% to a seasonally adjusted annual rate of 1.793 million units last month and the US building permits increased 0.4% in March on a month to a seasonally adjusted annual rate of 1.873 million.

Moving ahead today, the important events to watch:

Canada – CPI: GMT – 12.30

US – Existing home sales: GMT – 14.00

US -EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 503 million people have been confirmed infected and more than 6.19 million have died. The United States has confirmed over 80 million cases and has had more than 988,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD:
Technically the overall momentum remains mixed, the immediate support for the Euro stands near the level of 1.0780. On the flip side, the first resistance at 1.0840 any break above this level will open 1.0870/80 minimum.

eurusd


The important levels to watch for today: Support- 1.0800 and 1.0780 Resistance- 1.0840 and 1.0880.

GOLD: Today the gold price is supported at below $1930, any break below $1930 will open the doors to $1920 and $1914. On the other upper side, the immediate resistance at $1950 and $1958.

gold neww


The important levels to watch for today: Support- 1930 and 1920 Resistance- 1950 and 1958.

Quote of the day - “The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behaviour.” – Brett Steenbarger.

Read more here - https://gulfbrokers.com/en/daily-market-report-481
 
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