Daily Market Report - Wed, Oct 20, 2021

syamfx2020

Recruit
Messages
43
aditya-chinchure-H0OSpZ4vJDo-unsplash (1) (1).jpg

The world’s most valuable automaker Tesla (TSLA) is scheduled to announce Q3 earnings results on Wednesday. The company expected to post adjusted earnings of $1.56 per share, on more than $14 billion in revenue. During the third quarter, Tesla deliveries totalled 241,300 electric vehicles, up from 201,250 in Q2 and 184,800 in Q1.

$TSLA stock has increased by 34.7% over the past three months. If the bullish momentum continues the next key resistance area to watch the record high of $900.40 in intraday trading on 25 January 2021.

EQUITIES

US stock futures trading steady on Wednesday while the Chinese shares traded lower after the IMF revised down its 2021 economic growth forecast for Asia to 6.5 percent, down by 1.1 percentage points from its April projection.

OIL

Crude oil prices slightly retreat from the early session gains following the release of API data. The data showed a 3.29-million-barrel increase in US crude inventories.

CURRENCIES

In the currency market, the US dollar continues to trade near the multi-year high against the safe-haven currency Japanese yen. Meanwhile, Commodity-linked currencies such as the Australian and Canadian dollars inched toward recent peaks on Wednesday.

GOLD

The safe-haven metal rose to a fresh weekly high of $1784 on Tuesday. At the time of writing, the metal was trading above $1778. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, US Housing Starts for September came in weaker than expected, falling by 1.6% to an annual rate of 1.555 million and permits by much more, down 7.7% to a 1.589m annual rate.

Coronavirus update:

Worldwide, more than 240 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 49 million cases and has had more than 715,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
For today, the resistance for Euro is around 1.1670. On the other side, the immediate support is at 1.1610 and any break will drag the pair to 1.1590/70 levels.

eurusd


The important levels to watch for today: Support- 1.1610 and 1.1570 Resistance- 1.1640 and 1.1670.

GOLD: The precious metal rebounded back to near the $1780 area. if the bullish momentum continues the next upside levels to watch the $1785 and $1790 zone. On the flip side, the immediate support at $1772 followed by $1765.

gold neww


The important levels to watch for today: Support- 1772 and 1766 Resistance- 1785 and 1790.

Quote of the day- “You will come to know that what appears today to be a sacrifice will prove to be the greatest investment that you will ever make.” Gordon B. Hinkley.

Read more- https://gulfbrokers.com/en/daily-market-report-388
 
Top